Do you use Mend-it to repair soft plastics? It saves me boat loads of money. Any time a soft plastic tears or even rips in half I put it back in my bag. After a week I take them all out and fuse them back together with Mend-it. I say fuse b/c 'glue' is misleading. The stuff chemically melts the plastic back together. I have fun and even make Franken'plastics fusing different colors and plastics together. Like others I didn't believe it till I saw it with my own eyes. Best $8 I ever spent and one bottle last years.
Here is a pix of my lure knocker. Its really for boat use b/c its too heavy to slide down the line from shore. I found its easier to use a heavier pound test line to not lose lures. I was gonna make a shore knocker I would go to HomeDepot and only buy a few 4" sections on their light 50lb mini chains. You'd have a better chance of them sliding down ur line from a 45 deg shore angle. Or buy the commercial knocker suggested. I use 80lb braid as my line but have seen guys us a carpenters chalk line for ease of storage/retrieve (I believe they have to be100lbs test).

I lose lots of jigs but crankbaits hardly ever get lost. Can rip those free most of the time. The ones I do lose get made up for the ones I find.

Since I bought a telescoping lure retriever I rarely lose a hardbait, jigs and plastics are another story. I lose lots of shakeyheads and jigs to rocks and trees but I make my own so they really don't hurt that bad to lose other than the time and effort I put into them. I fish a lot and the only hardbait I've lost this year was a popper that must have blown out of my boat off the console.