I have a 24g, and yes, it forces me to pay more attention, but that also means I'm interacting with it far more than I did with a FW tank. As long as you accept the limitations of lightly stocking and spending a few minutes a day checking it, it's not too burdensome. Yes, things can go sour quickly in a smaller tank, but even a larger tank will suffer if your pump(s) fail, you forget to top off, overfeed and get lazy about w/c's and water testing.
As far as costs, the initial setup is cheaper (relatively) than a larger tank. Good lighting is cheaper, good LR is cheaper (well, at least you need less), skimming becomes optional, and you save a bundle on salt purchases. Still, I've sunk a lot of money into it. If you're looking go go small just to save a few dollars, you won't be happy. If you choose to go small to challenge yourself and really think about every step you make, it's a lot of fun.
Now, to actually answer your question
tank either all in one, or glass tank, $20 for plain tank to $400 for all in one(although includes lighting, and at least one pump, although you'll replace the stock pump in any nano you buy).
skimmer (optional) ~$100
20 lb cured LR (I'll let you cost that out), 20 lb sand (I like about a 1" SSB, just for looks)
lighting (if not a nano) ~$70 for PC, ~$240 for MH fixture
chemical media ~$30 if you use a modded HOB for a media holder and/or refug, nothing on an all in one as the back can be set up however you want
refractometer $40 (same whether big or nano tank)
Temp and pH monitors (given the size of the tank, I like continuous monitoring) $130
salt, chemical media, extra power heads, sump, timers, heaters (in my tank, though, I don't even use a heater, the 2 pumps are enough), chiller (maybe), test kits, buckets, measuring cups, turkey baster, an so on, are all up to you in cost.
I've seen people get away with under $400 for the basics, to >$1,000 if you love technology and want to go hi tech.
Either way, small tanks can be fun and rewarding, and, if you want to go bigger, it's easy enough to transfer your contents to a larger tank. It's tougher going from large to small though, without giving up some of your livestock.
Henry
Henry