In theory yes. But have you taken time involved? What is your time worth? How much do you have invested with equipment. Over the years it may average out but this is not a hobby to save money.
I know this has been tossed around so many times for and against, but I disagree. You can save money, and quiete a bit too. It is when you get in to this hobby solely to save money that you are deluding yourself.
I have been brewing for about 15 years now. Mostly 5 gallon batches. With the exception of plastic fermenters, thermometer, and hydrometer, everything I have has been bought second hand or handed down to me.
I have an 8 gallon aluminum fry pot and fryer, from a garage sale, barely used, with no tank, $10. 48 qt Coleman cooler, free. Homemade immersion chiller, $35. Stc temp control, $20. Old dorm fridge from CList $15. 2 corny kegs, regulator, and CO2 tank, $35 garage sale, and my latest addition is a full size fridge, with 35#CO2 tank, tap, regulator, faucet and 1/2 keg for $50
On CList. That's a lot of isht for around 200$, amortize however you want.
I brew inside on my range in winter, and on turkey fryer in summer, we have a camper that we keep permanently parked, and I get my tanks filled there. It costs me 22$ for a tank that is 2x the size of a grill tank.
I buy grain in bulk, as well as hops. I don't vac seal my hops, but do freeze in pre weighted ziploc bags. I reuse my bags too, yes I am that cheap. I also have several different strains of yeast I keep in mason jars in fridge.
As far as what is your time worth, that is such a BS argument. Your time is only worth money if you are brewing INSTEAD of doing something that can make you money. Most (not by any means all) guys ( and gals) work the typical 9-5er. That means that if you are brewing on a Saturday afternoon, you are not missing out on time that you would otherwise be making money. To me I equate this whole what's your time worth to watching tv, reading a book, or browsing this forum. Why would you do any of those things and not expect compensation? TxBrew agrees, that's why from now on he will monitor your activity on these forums, and pay you accordingly. When was the last time you received a check from NBC for watching tv? And unless you go to the library, you generally have to purchase the book/magazine you intend to read. The whole idea of getting paid for your "off time" does not compute. I am self employed and generally work 6 days a week, often times 7. I brew around my schedule, and not in lieu of it.
My point is this, if you get in to this thinking boy I will be saving so much money, you more likely than not will be disappointed. However, if you truly enjoy brewing beer, and are frugal and patient enough to wait for the right deals to come along, I think that realizing a minimum of 50% savings is completely obtainable.