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.
Mark