Cheap and aviation are not compatible words when talking about owning aircraft (allthough it is a good description of a lot of pilots personalities)
I own my aircraft outright as I decided it was to much hassle to fight with people in a group to get things fixed. I like everything to work 100% and I like gadgets!
The sheer pleasure of being able to pull the plane out the hangar and fly it whenever I want and not get in it to discover the last person to fly it broke something is worth every penny. I also found I flew significantly more hours due to the fact that after fixed costs has been paid my flying was mostly just costing me fuel at 5gph. Average hours for me are around 350 with about 250 in my aircraft and about 100 in the twin.
I use the aircraft for Uk and north france trips and the twin for long distance. I tend not to fly many local hours prefering to land away. I also use it a lot during the week to fly to business meetings.
Fixed costs are around £4000 per year with hangar, insurance, maintanance etc and fuel/oil costs me about £25 per hour. I tend to just pay the bills as they arrive but a good way would be to open yourself a seperate savings account and ste up a standing order. Less painfull!