Bringing Budget Back

Escalating food prices paired with the current economic downturn have everyone scrambling to make the most of every dollar, and as America's grip on consumer spending tightens, nights on the town with friends and calls for take-out food will be fewer and farther between.

But tough economic times don't necessarily define quality of life. Armed with a little imagination and a dose of good old-fashioned know-how, Rachael Ray is bringing budget back to households across the country. She's focused on value, whether its ways to stretch a dollar at the grocery store, recipes that stretch for the whole week, or entertaining friends "on the cheap."

In Manhattan, where Ray lives and works, food prices are jaw-dropping. A couple of tuna steaks for fish stew, fresh produce and garbage bags rang up to $140 recently for Ray. "I almost fell over," she says. "I can remember if I spent fifty bucks on groceries for the week my hands would tremble because I didn't know if my bank card would work for it."

Ray is reaching out to her viewers and providing sensible alternatives to high-priced meals. Ray is nothing if not practical, and it comes honestly from both her mother and her grandfather, who was not only an extraordinary cook, but also grew much of the food that fed his family of 10 children.

Case in point: Ray's new focus on recipes that cost less than $10 and feed a family of four. Upscale Italian restaurants serve a knockout soup staple, pasta e fagioli, as a precursor to the entrée and can charge at least $4.95 a bowl. Ray's delectable recipe for a deep pot of pasta e fagioli with diced pancetta, cannellini beans, pasta and veggies is every bit as mouthwatering, costs only $9.26 and satisfies more than just one growling stomach. In tough economic times, which would you rather sit down to?

• $0.40—2 tablespoons extra virgin olive oil (EVOO)
• $2.90—2 thick slices pancetta, about quarter-inch thick each, diced
• $0.12—4 sprigs thyme with several sprigs on it
• $0.69—1 medium onion, finely chopped
• $0.34—2 small carrots, finely chopped
• $0.38—2 ribs celery, finely chopped
• $0.20—5 large cloves garlic, chopped or grated
• $0.01—salt and ground black pepper
• $2.22—2 15-ounce cans cannellini beans, or small white beans, drained
• $1.44—2 cups chicken stock
• $0.00—1 quart water
• $0.56—1/3 pound ditalini (small tube pasta)

Heat a deep pot over medium-high heat. Add extra virgin olive oil and pancetta. Brown pancetta bits lightly and add thyme sprigs, chopped vegetables and garlic and season with salt and pepper. Add beans, stock and water to the pot and raise heat to high. Bring soup to a rapid boil and add pasta. Reduce heat to medium and cook soup, stirring occasionally, 6-8 minutes or until pasta is cooked al dente. The thyme leaves will separate from stems as the soup cooks; remove the stems and place the pot on the table on a trivet so the hot pot does not burn your table. Let the soup rest and begin to cool for a few minutes then ladle soup into bowls.