$50 on an IPA!? I must be a cheap SOB, I don't think I spent that on my last 4 brews. But yes, absolutely you can get some ingredients from the market. I get most of my adjuncts for either a higher end grocery store or the local bakery(you'd be amazed what kind of deal they'll give you when they find out it's for beer).
With a little money up front for some additional equipment, you will same in the long run going all grain. Group/bulk buys are another cost saver, harvesting yeast, growing your own hops, and yes believe it or not, kegging (both time and money).