The 3M pads are the best for this. One sheet can absorb a gallon of oil and costs <$2. They are reusable by wringing the absorbed oil out (if you wish to).
Where these pads really shine is the final cleanup - when you put some water and a bit of soap in the pan and scrub with the pads. All that is left at the end is clean water and a clean pan - all the oil goes into the pad.
$2 - how cheap
do you want to go to clean up such a mess? If you need to save more money
, buy the sausage roll that consists of several of these pads rolled up and cut them free of the mesh. This lowers the cost to around $1/pad.
Don't know of any reasonable alternative any cheaper.