I switched to all grain a year ago. I already was setup to do full boils though. I really don't know if I have paid off my equipment, but having a crusher and buying grain in bulk is the way to go. $.65 a pound vs $1.25 adds up quick. My wife bought me a barley crusher for my birthday, so I am really not paying for it.
Bottom line, If you are homebrewing beer just to save money, you may need to check your math. If you factor time into the equation, I think our beers cost quite a bit. However, if you enjoy it, 'saving money' is just a justification. Remember, you can define 'saving money' however you want. Tell the SWMBO that it will save you money. Ingredients per batch are cheaper.