Sirloin steaks and eye-of-round steaks are typically the cheapest ($2 to $3 per pound). If you are not a regular steak eater these might taste good. This is what is usually sold at the cheap steak places -- Golden Corrall's, Western Sizzler, Ryan's Steakhouse, etc.
Rib-eye and NY Strip steaks are very good but more expensive ($5 to $6 per pound). Tenderloins are the best but about $10 per pound. These are the steaks served at the good steak houses.
There is aged beef and higher quality beef (more $ per pound), but I usually buy the cheapest Rib-eye or NY Strip steak I can find.
Personally I don't like buying T-bone and porterhouse steaks because -- you are paying $5 per pound for bone!
Also be careful when buying rib-eyes. Rib-eyes can be sold with or without the bone. Again, I don't like paying $5 per pound for bones.
I have a spare refrigerator and freezer. I go to Sam's Club and buy the meat in bulk and it is cheaper. Rib-eyes at my grocery store are about $7 to $9 per pound. Same steaks at Sam's are $5 to $6 per pound. I assume Costco and similar offer similar deals.
I have a vaccuum bag sealer so I take each steak, throw it in a bag, seal it, and freeze it. If you don't want to mess with the vaccuum sealer -- Sam's sells Ziploc bags also (just suck all the air out
).
You can buy the huge whole ribeyes at Sam's which are one huge slab of meat -- about 15 to 20 pounds. The price is about $60 to $80 ($4 per pound instead of $5 or $6 per pound) but if you slice 1 pound steaks out of it -- you are saving $1 to $2 per pound.
As far as cooking, I typically grill, even in the winter. But this winter it is below freezing -- so the oven will do fine. I just take a frozen steak out of the freezer, set my oven to 425 degrees, throw the steak in the oven and come back 30 minutes later to see how done it is. Typically it will require an additional 10 to 15 minutes.
Some people use a meat thermometer to tell how done it is, I've cooked so many, I can usually just look at the outside and tell how done it is. It is a good idea to cut the steak in half at it's thickest point to see how done it is. Some people suggest "cut a slit in the steak" to see how done it is -- but I can't tell from that -- I cut the steak in half.
Steaks will continue cooking for a few minutes after removing from the grill/oven, so you might pull it out a little sooner than later. This will not make a large difference in doneness -- but a small one.
You are suppose to eat steak medium-rare. This is the optimal doness to kill bacteria but still taste the flavor and tenderness of a good rib-eye or NY strip. If you cook your steak well done -- don't buy the expensive steaks -- stick with the sirloins and eye-of-round. It is harder to taste the difference between a $20 steak and a $5 steak when they are cooked to well done.
I use to eat large subs / pizzas every night at about $10 or more per meal (I typically eat a few large meals but not snack). So now I am paying about $5 per pound for Rib-eyes, eating 1.5 pounds per night for a total of $7.50.
So I eat nice steaks every night, save money, and lose weight! I must be in heaven!
Update on 2/1/2002 at Sam's Club:
Sirloin steak $2.49 per pound
Eye Round $2.66
NY Strip $5.69
Ribeye $5.87
16 pound whole ribeye $4.50 per pound ($72 total)
Tenderloin $9.87 per pound
You get what you pay for.