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Photograph: Beth Levendis

1. Trade imported polenta
“It’s possible to find good-quality ingredients that are domestic, like good corn that’s stone-ground,” says Maremma chef-owner Cesare Casella. In fact, it’s not uncommon for American corn to be milled in Italy and sold back to us as an Italian product. Bob’s Red Mill corn grits are a low $1.79 per pound at Whole Foods Market, as opposed to a pricey $4 for the Italian alternative.

2. In place of balsamic vinegar
A true balsamic vinegar doesn’t come cheap: A few ounces can exceed $100. Most people buy a younger balsamic condiment in its place. Nelly Godfrey, chef-owner of Lima’s Taste, opts for aged sherry vinegar instead. “It’s nutty and sour, with a touch of sweetness,” she says. A 375ml bottle of Montegrato 16-year-old Pedro Ximénez ($13.50 at Despaña) has aspects in common with cheaper balsamicos—color, sweetness and price—but it’s a major step up in quality.

3. Instead of truffle oil
“There’s this idea among chefs that truffle oil is overused,” says Nikki Cascone, chef-owner of 24 Prince and Top Chef contestant, “and to be cost-effective, I want to use it as little as possible.” Porcini oil delivers the better value. “It has an abundance of flavor that’s earthy and natural.” Pick up 100ml of Marini porcini oil for $6.95 at BuonItalia (Chelsea Market, 75 Ninth Ave at 16th St; 212-633-9090), as compared with $17.95 for the same volume of Tartuflanghe truffle oil.

4. Forgo Italian olive oil
“Much of the olive oil from Italy is made with olives from Spain and Greece,” says Alex Ureña, chef-owner of Pamplona. Use Spanish olive oil, as he does, and save some cash—its fruitiness and balanced acidity are quite similar to Italian versions. A liter of the grassy ArteOliva Spanish extra-virgin olive oil costs just $13.95 at Despaña (408 Broome St between Cleveland Pl and Lafayette St, 212-219-5050), versus around $24 for the same amount of the good Italian stuff.

5. Ditch cod and Dover sole
Dover sole, a flatfish common to French cookery, is prohibitively expensive: A fillet costs $40 per pound at The Lobster Place. Laurence Edelman, executive chef at the Upper West Side Mermaid Inn, recommends lemon sole ($13.50 per pound) or fluke ($15.95 per pound) in its place. “They’re not exactly the same, but they’re still sweet, white, flaky flatfish,” he says. Fresh cod is another fish that suffers from limited availability and a high price: about $15 per pound. Edelman suggests using the cheaper firm-fleshed hake, just $8 per pound.

6. Substitute Parmigiano-Reggiano
This great Italian cheese is known for its complex and concentrated flavor, but its extremely similar cousin, grana padano, produced just to the north, is a worthy alternative for grating or nibbling. “Sometimes an aged grana padano can be as good as a Parmigiano-Reggiano,” explains Fada. Select one that has been aged at least 18 months; 24 is even better. At Di Palo Fine Foods (200 Grand St at Mott St, 212-226-1033), grana padano is $11.99 per pound, compared with $13.99 for the Parm.

7.TONY tip
Forget pristine fruit
This summer, ask the farmers at the Greenmarket (visit cenyc.org/greenmarket for locations) if they’re selling damaged fruit—usually tomatoes and stone fruit—which are often discounted fifty percent. It’s perfect for sauces, jams and chutneys. To use: Simply cut away any blemished spots and smell the fruit to ensure that it’s still good.

8. Swap filet mignon
Filet mignon is prized for its tenderness, and priced accordingly. But San Domenico executive chef Odette Fada would gladly pass it up for other cuts. “For me, it’s so boring,” she says. Instead, she recommends skirt steak, at $5.89 per pound (versus $13.99 for the filet), from C&J Prime Meats (59-07 Roosevelt Ave between 59th and 60th Sts, Woodside, Queens; 718-457-7343). “It’s flavorful and not too fatty.” In cases where the filet would be used for carpaccio, Fada advises home cooks to “try very thinly sliced beef top round” at $4.99 per pound.