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The costs you will face with almost every thing else will make sand paper seem pretty insignificant in the big picture.
There's really no way for one guy to answer that... but especially not to answer it for someone else. Every knife is different. There are so many variables that will affect the answer--- type of steel, how it's ground, the desired finish, the maker's skills/experience (I think this is the most important).
I don't want this to sound mean... but if a guy is turned off from knife making because of the cost of sand paper... then IMHO that's a really good sign that knife making is not for him. The costs you will face with almost every thing else will make sand paper seem pretty insignificant in the big picture.
Sandpaper and belts................ Use them like they were free. Dull stuff just "Don't Cut It".
The way I look at this is: my real job pays me $50.00/ h. I could use up 3 $11.00 ceramic belts and still be ahead. On the other hand I could use one dull belt for three hours, and use $150.00 of my time to save $22.00 or so.
It was just an example. I don't use several belts per knife. Trying to work with a worn belt doesn't make sense when you consider the value of time.