As mentioned, reloading is not cost effective for the 12 ga and 20 ga in their common loadings. This is even more true if you have to buy the equipment and do not buy components in the minimum of case/keg sizes. It really helps if you can buy shot by the pallet rather than bag too.
The "economics" work out if one compares the cost of reloads to top end target loads though that skews things a little as the economy loads do 90% of what is needed for over 99% of shooters as is shown on trap, skeet, and sporting clays ranges every day throughout the country. The overwhelming number of misses are the result of the shooter rather than ammo or even gun in spite of what the shooter says.
Reloading does "pay" for the smaller bores such as the 28 and 410 as even the "cheapies" run about triple of what you can reload them for. It can also pay if you load specialty rounds that can be hard to find such as 7/8 oz loads for the 12 ga or 3/4 oz for the 20 ga. I shoot these a lot and it not only saves on the pocketbook but also the shoulder. I'm still loading the 12 ga for a little over $2 a box due to buying components in very large quantities long ago and my machines were paid for decades ago so it is still economical for me to reload 12 and 20 ga. If I were starting from scratch- no way.
