I began cutting my own and doing my own framing early on in the hobby. It quickly became much too cost prohibitive to have it done professionally. Mat cutting is very easy and you can teach yourself in just a few minutes. There is some $ investment though up front, but it will pay for itself virtually the first time you do it.
First, you need a decent mat cutter. I use a Fletcher MatMate I think it's called. It can cut a piece of mat board up to 42". I think you can find it on
ebay for probably $150 or less. I'm not sure where you are located, but in the US, you should have either a hobby lobby or Michael's somewhere close by. I go to Hobby Lobby as they are the cheapest, and buy up mat board when I need it. Usually, a sheet of 36x42 costs me about $5. I usually buy my glass from them as well. A 16x20 piece of glass is usually about $6 on sale (and they have sales frequently, especially around the holidays). I also do some stained glass as a hobby so I have all those glass cutting tools, but you can pick up a simple pistol grip glass cutter for under $5 on
ebay as well, then all you need is a straight edge. For frames I go to
American Frame - Picture Frames Wood Metal Canvas Custom Photo Printing Custom Art - American Frame and I use the simple gallery frame which costs me about $8/frame. The nice thing about doing your own framing is that you don't have to settle for the traditional sizes and don't pay extra for odd sizes.
So all of that sounds like a big upfront expense. However, the first time I took 4 16x20 prints to be professionally matted and framed, it exceeded $300. Eeeks. I'll never pay that again, and I can now mat and frame my own for about $15 or less. Buy in bulk too.