For the most part I think I'm done adding the essential equipment needed to maintain this tank. I may add a couple more koralias and upgrade the lights eventually, but that will be a ways down the road. I will be buying more livestock soon though. Anyways, I figure this is a good time to tally up the total cost it took just to get started so others can see if something like this is within their budget. You have to keep in mind that what you pay will vary greatly depending on where you get your stuff from. I got a few good deals, but I also paid retail for a bunch of stuff so I think this is a pretty good representation of how much someone will have to spend if they want to do this.
Some of this stuff I am guesstimating price cuz I can't remember, but its all really close. What I've spent so far on this setup.....
55 gallon tank and stand $50 (craigslist)
60 lbs liverock $200 (from an acquaintance, lfs)
20 gallon sump, Octopus NW 150 skimmer $65 (craigslist)
RO/DI Unit with TDS meter, pump, and buckets $30 (craigslist)
Overflow box free (acquiantance)
Nova Extreme T5 Light Fixture free (traded with a friend for another fixture)
Clean Up Crew $60 (reefcleaners.org)
Live Sand free (from an acquaintance)
API saltwater master test kit $21.99 (pet solutions)
Mag Drive 7 Pump $69.99 (pet solutions)
Aqua Lifter $9.99 (pet solutions)
Refugium Pump $6.99 (pet solutions)
Air Control Kit $1.99 (pet solutions)
Filter Sock $6.99 (pet solutions)
Aragonite Refugium Sand $19.99 (pet solutions)
2 x Koralia 2 Pumps $73.98 (pet solutions)
Lunar Link Moonlights $10.49 (pet solutions and acquaintance)
Seachem Reef Mag, Borate, Alk Test Kit $34.99 (pet solutions)
Aqualight Power Center $42.99 (pet solutions)
Reef Adv Mag $10.99 (pet solutions)
Reef Adv Calcium $15.00 (lfs)
Reef Buffer $9.00 (ebay)
Reef Builder $7.18 (ebay)
DIY Auto Top Off Supplies $25.00 (Lowes, ebay, radioshack)
Cooling Fan Unit $20.00 (ebay)
Refugium Bulb and Light Fixture $15.00 (online, Lowes)
Thermometer $4.00 (walmart)
Corals $200.00 (craiglslist, lfs)
Damsel, Clown Fish $30.00 (lfs)
Seachem Reef Salt $50.00 (ebay)
TOTAL: $1,091.55
I'm sure I'm forgetting some little stuff, but I think thats about everything. One big thing that needs to be taken into consideration is that I didn't have to pay for a light fixture, which is usually one of the most expensive and essential things you need for a reef tank. You also have to realize that maintaining a reef tank costs money (i.e. calcium and alkalinity additives, test kits, jacked up electricity bill). I also haven't added much livestock yet which can also be pricey.