Books are my weakness. I love them. I love buying them. But as a frugal person I use my public library as much as possible. Reading it once, and if deciding I'd read it again the I will purchase it for my own shelf. From my love of books stems a desire to share them with others. And I've found a lovely format for a frugal book club. I call it "Book Club With a Twist".
We meet once a month, on a Sunday afternoon. Instead of all having read the same book the month before, we simply report on what we've read recently that we loved. Some people pull on reads from years ago, others the week prior.
Why is this frugal? It drastically cuts down on book club book purchases. When you have 4 weeks to read a book, a library is not always an option. And, it may be a selection you hate. And you might own it. Not great if you're watching your budget.
Our group does meet at a restaurant, usually one where members can get a drink "with a twist" if they desire. An super frugal approach would be to meet at members homes, but that is a bit too much for our members.