From recent experience, I can confidently say that $25,000-$30,000 a year (for several years) is a shoestring budget for a skater with aspirations of skating internationally and it would be easy to spend $50,000 a year.
The biggest cost is coaching fees. New coaches may charge less than $50 per hour, but most are $75-$100 and coaches with substantial credentials are often well in excess of $100 per hour. My experience has been that when a skater with real dedication (not just a crazy mom or dad) is willing to commit long term, coaches will work with them and even offer significant discounts. I have been able to get $250 a week (an hour a day at $50/hr) for a 'name' coach with an annual committment, but that is still $13,000 a year.
Ice time varies greatly in various parts of the US, but most clubs/rinks offer some type of unlimited weekly or monthly pass. Some also include a few group classes and some off-ice group workouts, although I have rarely seen them below $100 a week, so that is another $5,200 a year.
Each skate manufacturer has various programs to help, although below senior they tend to be discounts rather than free, usually on the highest/newest skates and blades. Realistically, a $750 pair of boots (Ice flys was a good example, I have not seen them new less than $750) and at ;east $500 for quality blades plus $50-$100 for professional mounting, will still approach $1,000 a pair. If skating several hours a day, a skater needs one primary pair and one being broken in, for an average of two to three a year, so on the low end $2,000 per year.
Costumes are crucial, but do not have to be expensive. Most clubs have hand me downs and shared costumes that only require alterations. Some skaters may be put off by second hand costumes, but one of my skaters was cured when they looked inside to see the names of the previous wearers (kind of a tradition, I understand) and asked when that person had worn it. The response was 'oh, the free skate at Sochi'. Suddenly, a hand me down from the Olympics didn't seem so bad. Still, figure one reasonable costume at $500 (with stones), maybe $200 for alterations on a hand me down and thrown in, tights, a few workout outfits and jackets, another $1,000 a year.
Now it is time to go to an event. A short and a free (IJS) for most any competition, is $175-$200, add in hospitality fees, practice ice (often required, and extra often $20-$30 for a 20 minute session) and expect a minimum of $300 per competition. Nationals is free, but Sectionals, Regionals and at least one a month from June thru August for 6-8 events means $2,000 or more for entry fees.
If you are lucky, half of the competitions are driveable in a day, but those that are not will require flights, hotels and food. If the flights are $200 a leg (cheapo airlines) for the skater and a chaperone, that is $800 per event, three events traveled to so $2,400 in tickets. Hotels will be at least $125 per night and rental cars at least $50 (unless you have a federation who thinks to send you to one of the most expensive cities in the country over a major holiday and then doesn't provide its usual buses, I'm looking at you USFSA), for those three trips (average 3 days each) will be another $1,500+. Add in food for the skater and chaperone (if you are lucky or plan well, the hotel provides breakfast, $10 a head for lunch and $20 for dinner) for a cheap $60 a day, and it is another $1,000+ (including all events, gotta eat). If you are lucky, the coach is taking several skaters, so the coach's expenses are split, but still a minimum of $300 per event (including Nationals, hopefully), so let's call it another $2,000. That is barely $7,000 for events. I have spent that much just taking three skaters to Skate Detroit.
I am already at $30,000 with discount ice, bargaining with coaches, discount airlines and hotels. We haven't paid for a choreographer, haven't paid to have music cut, no special lesson (jump coach, footwork specialist, etc.) haven't done anything outside of skating yet, such as ballet or other dance classes, gym memberships, etc.
and yet "Regatta Race" is just as much of a dream for some people... 
Adjust your dreams perhaps?
