OP, Congrats!
I took a year off from racing last year to do some house projects and pay off my house. Knocked it out and got back to business this year. Had a great season and even with the cost, it's something I never plan on giving up.
I'm sure a mustachian could do better, but between that and the risk of damaging the car, the cost would still be pretty high. I think I'll stick to autocross, where the entry fee is ~$30, the only special equipment you need is a motorcycle helmet (which people occasionally give away for free) instead of a $200 "SA"-rated one, and one set of tires lasts a whole season.
Mustachians can do it better. ;) The guys who spend that much aren't willing to be a little uncomfortable.
Here are some ways to do it cheaper:
-There are other clubs that you can instruct new drivers and it knocks money off your entry fee.
-Winning can actually be profitable in contingency money. I sell tires, brake pads, and other winnings to offset the budget.
-Running a more open class where you can build your own parts can actually be cheaper than "stock" classes where you need to find the unobtainium produced for half-a-year chassis/part/etc.
-Use rewards credit cards as necessary (2% on everything, 3-5% on fuel, 6% on groceries for weekend). Redeem rewards for gift cards (fuel, Home Depot, Amazon, etc).
-Don't buy "race car" parts. A lot of things can be constructed with building materials. Being in construction, usually picked out of the dumpster.
-Crashing the car sucks, so don't do that. Learn how to fix things yourself. I even repair my own frame damage...
-Automotive paint is expensive. My car is painted with $25 worth of tractor paint and no one knows the difference.
-SA helmets are good for almost 10 years if you buy at the right time of the cycle. SA2015s just came out, good until 2025. If you race a lot, you'll be ready to buy a new one in 5 years though.
-Safety gear is expensive, buy it used. Don't work on the car in your suit, walk around the paddock in your shoes, etc. I'm still on my original suit/shoes after 10 years. Just bought new shoes with contingency money though.
-Pick a class with a long lasting tire. I've run 5 weekends this year and I have used 1.5 sets.
-Hotels are for cake eaters. Start out with a tent and open trailer, upgrade to an enclosed trailer and sleep in it when funds allow.
-Don't buy a "race" trailer. Buy a bare bones white box, finish the inside yourself.
Why? Because RACE CAR!