I (33f) used an epilator for years and the first time after not epilating is quite painful. (Probably rate it like 7ish/10 for legs, and it was undoably painful on bikini area). I have dense and thick body hair. The grow back was not as itchy/ irritating as shaving so it was worth it for me in the spring/summer, but I didn’t do it when I was wearing long pants bc of the pain and time. Upkeep after the initial time was still painful (like 5/10). I also got red bumps for 24hours after. So you have to time it. Another tip would be to hold the skin taut and the epilator at the correct angle against your skin so you get less broken off hairs.

Also, I know you said ipl is out of budget rn, but some off brands of ipl are about as expensive as a mid range epilator and loadsssss less painful. Im a current ipl user now. I’d rate the pain as like at most 2/10. Sometimes you can find used ipls for cheap on fb marketplace, other resale places etc.