Buying bulk is the key here. Split the cost with a friend or two if need be. Look for inexpensive wood shafts (seconds, dowels, whatever). Cull them to eliminate unsafe shafts, and sort the rest into matched bundles.
You can purchase full-length feathers and chop two 4” cuts from each to cut costs. There’s also a company named Rainbow Feathers (?) that used to (and maybe still does) sell 5” archery fletching on their web site for about 8 cents each. They’re not prime fletching, but more than suitable for squirrel arrows.
Look for vendors selling bags of nocks on clearance. I bought a thousand of them years ago at a 3D shoot from Lone Wolf Traditional Archery for $5/100. That’s 5 cents each.
There are a lot of ways to make home made points out of discarded .38 or .357 casings (free) and blades cut from banding steel (also free). As far as commercially made heads, Ace Hex Heads are just about unbeatable in price at 6 for $8.95. I’ve used Hex Heads on all sorts of small game including squirrels, rabbits and grouse. They work great and won’t break the bank if you lose a bunch of them.
The article Broken Arrow mentioned was in the Dec/Jan 2007 issue of TBM.