As far as money/cheapness goes. After all the major parts are bought in the long run, is kegging or bottling more cost efficient?
After you have everything you need, time
is what you're really saving more than money. I've never run the numbers, my time is worth it. But . . .
Kegging: CO2, o-rings, and occasional replacement parts.
Bottling: caps, priming sugar, replacement bottles.
I think bottling will be cheaper, especially if you're recycling commercial bottles for homebrew.