I'm as cheap as anyone. I tried the add-on sink-tips when I started this year and really hated them. It feels like you're trying to cast a chain, especially if you put a clouser on the end of it. The depth you can penetrate is very limited if you don't use a weighted fly. If you've got a buoyant fly on the end of eight feet of leader with a six-foot sink tip, you get no penetration at all.
Cheapo alternative number two: Invest 99 cents in a spool of lead wire. When you want to get the fly down, wrap some wire on the hook shank, cast and wait for it to sink. I found that with an eight or nine foot leader, I got the fly down deeper and the whole rig was more controllable than the sink tips.
Cheapo alterative number three: Dump the foating line for an Intermediate Density line. The intermediate will work for you in almost all situations, except for when you need to get really deep, especially in a current. If you need to fish the surface, a quick application of line dressing will make it float. It doesn't sink really fast, but it will get down if you're patient.
Cheapo alternative number four: Invest in a shooting head system! A shooting head system consists of an inexpensive running line, with a shooting head of about 30-40 feet. When you need to change lines, you just change the head. It takes about three minutes. I found that you can buy two shooting heads and a running line for the cost of one high quality full-length line.Cortland prices are like: $ 8. running line, and $ 23. each for the heads. I bought an intermediate density and a super sink, which between them cover almost every depth need I have. Additionally, they cast easier and farther, with less false casting and less line in the air on the backcast. Costs about fifty bucks, but you don't ave to buy a new reel either.
If you are thinking about shooting heads, find a good shop that will let you try them out. Not everyone likes them. You'll probably also want to overline your rod by 1-2 line weights with a shooting head.
The floating line really works best only when the fish are feeding right on the surface, and even then, an intermediate is better if it's windy because it settle's below the surface and out of the wind.
What bugs me, is that all the shops sell you a setup with a floating line because it's supposedly easier to " Pick up off the water." Then after you figure out what you're doing, you have to buy an intermediate. They should just sell us an intermediate to begin with.
PS I'm still carrying my floating line around with me, but haven't found a reason to use it since I bought the shooting heads!