Baking a full package of bacon and freezing the results means you can have the convenience of pre-cooked without the added cost.
The math (using current prices for the same brand of bacon at a local supermarket):
1 pound of raw bacon, which cooked using this method is reduced to 6.9 ounces, is $7.99 or $1.16/oz.
A 2.10 ounce package of fully cooked bacon is $3.99 or $1.90/oz.
Pre-cooking the bacon at home costs a few extra cents in energy, paper towels, foil and wrapping but you save almost 40% on the cost per strip of the bacon and have larger quantities of pre-cooked bacon at hand. Waiting until regular bacon is on sale or BOGO will increase your savings.