"Splurge" Meals, For A Steal!

Everyone's looking for ways to save money right now, and The Early Show's "Early on the Cheap" series focused on the kitchen Friday.

It's possible to enjoy some of your favorite meals in a budget-friendly way, as Early Show contributor Katie Lee Joel proved.

The key, it turns out, is substituting ingredients that are less expensive than the ones typically called for in recipes, but that provide the same flavor.

SPLURGE: Lobster Salad
SAVE: Lobster Salad with Shrimp

Lobster rolls and lobster salad are a favorite summer dish for many people. But lobster is $29 a pound! Katie suggests replacing some of the lobster in your recipe with shrimp, which only costs $11 a pound. You can do half lobster/half shrimp, or even less lobster, depending on how much you would like to spend. Katie says you'll need about a pound of lobster meat/shrimp to serve four people.

SPLURGE: Bacon-Wrapped Filet Mignon
SAVE: Skirt Steak

Filet Mignon can easily cost $26 a pound. Luckily, you can still get the same meaty flavor you're craving with skirt steak, at a much more reasonable price of $11 a pound. The skirt steak recipe actually comes from Katie's husband! Apparently, Billy Joel is a real fan of skirt steak! Katie quickly whisked together Billy's marinade for skirt steak. She put some marinated steak on a grill pan. You can simply slice the steak and serve it, but it's also delicious wrapped up in flour tortillas, fajita style.

SPLURGE: Wild Salmon
SAVE: Canned Salmon

It turns out that all canned salmon -- about $2.69 for a 14-ounce can -- is wild salmon! That certainly beats paying $25 a pound for the fresh stuff. Obviously, if a beautiful fillet of salmon is what you're after, there is no substitute. But don't dismiss canned salmon - you really can make some tasty dishes with it, as katie showed. She quickly mixed together some salmon cakes, which she served with pineapple salsa. She chilled the salmon cakes (picture a burger!), then cooked in a skillet for three-to-four minutes a side.

SPLURGE: Wine
SAVE: Sangria

Obviously, the sky's the limit in terms of price when you're buying a bottle of wine. But if you're entertaining, you typically want to serve guests a nice bottle you're sure they'll enjoy. And if you're having several friends over, chances are you'll need more than one bottle! You can stretch your dollars by serving sangria instead. Because sangria is a combination of several ingredients, it enables your single bottle of wine to go further, essentially getting more servings out of that single bottle. Also, because you're combining the wine with other ingredients, you can feel free to spend less on the wine itself. Katie suggests spending $10 or less! Katie showed a white sangria -- a fun change from the 1more traditional red sangria!

FOR KATIE'S RECIPES, GO TO PAGE 2.

RECIPES

SPLURGE: Lobster Salad

1 pound cooked lobster meat, cut into chunks (about 4 cups)
Juice of 1 lemon (about 2 tablespoons)
1/2 cup mayonnaise
1 celery stalk, finely diced
2 tablespoons minced fresh chives
1/2 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper

Toss all ingredients in a medium bowl until combined. Serve on a bed of greens, on a hot dog bun, or with tomato aspic.

STEAL: Lobster Salad with Shrimp

1/2 pound cooked lobster meat, cut into chunks
1/2 pound cooked shrimp, diced
Juice of 1 lemon (about 2 tablespoons)
1/2 cup mayonnaise
1 celery stalk, finely diced
2 Tablespoons fresh chives, minced
1/2 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper

Toss all ingredients in a medium bowl until combined. Serve on a bed of greens or on a hot dog bun.

FILET MIGNON VS SKIRT STEAK

SPLURGE: Bacon-wrapped Filet Mignon

4 beef tenderloin filets, about 1-1/2inches thick
4 slices bacon
1/2 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper

Preheat grill. Season each steak with salt and pepper on both sides. Wrap each filet with a slice of bacon and secure with kitchen twine. Grill to desired doneness (about 6-7 minutes on each side for medium rare).

STEAL: Billy Joel's Skirt Steaks

These can be sliced and served on flour tortillas with sauteed onions and green peppers, like fajitas.

1/2 cup fresh lime juice (about 6 limes)
1/2 cup olive oil
8 garlic cloves, finely minced
1-1/2 ounces anchovy paste (about 2½ tablespoons)
2 teaspoons freshly ground black pepper
2 pounds skirt steak
Fresh cilantro

In a mixing bowl, whisk together the lime juice, olive oil, garlic, anchovy paste, and pepper until emulsified. Place the skirt steaks in a large, re-sealable plastic bag or shallow container and cover with marinade. Marinate in the refrigerator for 4 to 6 hours, or up to overnight.

Place a grill pan over medium-high heat or preheat a gas or charcoal grill. Cook the steaks to desired degree of doneness (They're best served medium-rare). Cut on the diagonal and serve garnished with fresh cilantro.

ISLAND SPICE SALMON VS. SALMON CAKES WITH PINEAPPLE SALSA

SPLURGE: Island Spice Salmon

4 salmon fillets, 1/2 pound each
2 cups pineapple juice
1/2 cup dark brown sugar
1 tablespoon chili powder
1-1/2 teaspoons ground cumin
2 teaspoons ground coriander
Kosher salt and freshly ground black pepper

Place the salmon in a shallow dish. Pour pineapple juice over the fish. Cover and marinate in the refrigerator for at least 1 hour, but no more than 3 hours.

Preheat the oven to 425°F. Line a baking sheet with foil.

In a small bowl, mix together the brown sugar, chili powder, cumin, coriander, 1/2 teaspoon salt, and 1/4 teaspoon pepper.

Remove salmon from the marinade and discard the juice. Put salmon on the baking sheet. Season the fish with salt and pepper. Evenly distribute sugar spice mixture all over the top of the fish.

Bake for 10 to 20 minutes, depending on thickness, until the fish is cooked to the desired doneness.

STEAL: Salmon Cakes with Pineapple Salsa

2 (14 ounce) cans boneless, skinless salmon
1 egg, lightly beaten
1/3 cup unseasoned breadcrumbs
1 teaspoon chili powder
1/2 teaspoon ground cumin
1/2 teaspoon ground coriander
2 Tablespoons scallions, thinly sliced
1/4 teaspoon kosher salt
1/4 teaspoon freshly ground black pepper
1 Tablespoon olive oil

Pineapple Salsa:
1/2 cup pineapple, diced
1 roma tomato, diced
1/2 jalapeno, seeds removed (if desired), minced
1 Tablespoon cilantro, minced
1 teaspoon brown sugar
Salt and pepper

In a medium bowl, combine salmon, egg, breadcrumbs, chili powder, cumin, coriander, scallions, salt, and pepper. Use your hands to form 4 patties, about an inch thick. Place a parchment lined baking sheet and refrigerate about 20 minutes.

Heat oil in a medium skillet over medium high heat. Add patties and cook 3-4 minutes on each side, until golden brown. Serve with pineapple salsa.

For pineapple salsa, combine all ingredients.

SANGRIA:

STRETCHING THE DOLLAR: White Sangria

2 bottles white wine
2 cups of club soda
1/2 cup Cointreau
1/4 cup superfine sugar
1 lemon, unpeeled and thinly sliced
1 lime, unpeeled and thinly sliced
1 apple, unpeeled and sliced
1 peach, unpeeled and sliced
1/2 cup raspberries

In a large pitcher, combine wine, soda, Cointreau, and sugar, stirring until sugar is completely dissolved. Add fruit and serve over ice.