It really depends on what you classify 'wallet-friendly', as well as what you already have access to.
If you already have a S16 camera, it's going to be much cheaper and easier than if you have to rent one, for example.
Film is not cheap, but it's not as expensive as high end digital these days, it's just accompanied by the hassles surrounding loading and processing and telecine. But, you also get the great look and feel of the film.
You can get short ends pretty cheap around, and if you call up your local lab, you can try and swindle a cheap deal. Call up your local rental company and ask about shooting 16. Say you have no money, but you'd love to shoot 16. Some rental companies will give you a film camera really cheap, because it's getting no use otherwise.
Maybe try Kodak too, they're really looking to get people shooting on film, and sometimes they'll give students and others a free roll or two to entice them to shoot film.