This link shows all the costs that have gone into my 45 gallon reef so far. Some of them are because I went back and decided to change how I did something, and also quarantine tank and mantis shrimp hitchhiker tank costs are included. If you are willing to go quite slowly, you can probably get a similar setup for 2/3 the cost.
http://www.aquariacentral.com/forums/showthread.php?s=&threadid=28444
To do a reef well, you are looking at least $1000 over time. Live rock, live sand, circulation, skimming, and LIGHTS! cost more than the fish and tank.
My real advice to get your feet wet at a lower price is to try a simple 20 gallon or better 30 gallon tank. Keep the bioload low, and it will be cheaper even if you include the cost of tank and stand. However, if you think you'll stay in marine, it will be much cheaper per gallon to convert the 50, plus it will be easier to keep the tank running stable.
20-30 gallon tank: $25-$60
Stand: $20-$40 dresser at garage sale or goodwill, or get a cheap table for it
sand: $5-$10
live rock & live sand: $100-$300
skimmer: $130-$180
powerheads and heater(s): $50-$70
salt (200 gallon bucket): $50
Precision hydrometer: $25
Test kits: $25-$50
lights: $100-$300
You could get a 20+ up and running for $600-800, or convert your existing 50 for about $150-$300 more. Most of the costs don't go up much as the tank gets bigger until you get to 60+ gallons. The big cost that scales is the live rock, but you can go with 50% or more base rock that the life on your live rock will colonize, you just have to stock more slowly. If you get much above the 60 gallon range, then the light costs start jumping badly, but most smaller tanks can get away with the comparatively cheap power compact setups, instead of metal halides with T5 or PC actinics.
You'll probably end up spending some money on a cleaning crew of invertebrates to clean algae and detritus. This will be about $60 for a 20-30 and about $100 for a 50. If you go for peaceful community fish in your tank, you can also cut the costs of the individual fish, because peaceful fish tend to be cheaper and less likely to kill each other.