Cheapest would be a string level. Just drive a stout stake at each end of where you want the grade, pull a string tight between the two stakes, hang the string level in the center of the string, and adjust one or both ends of the string until the indicator shows level. That should be accurate enough for what you want.
If you wanted really accurate and still fairly cheap, your could buy some clear plastic tubing a little longer than the area you want. Using a black marker, make a mark near each end of the tubing. Turn each end of the tubing up and fill with water until it reaches the mark at both ends. The tubing needs to be large enough for the water to move freely. Then (and this takes 2 people) pull one end of the tube to one end of the grade area, pull the other end to the other end, and raise/lower each end until the water is at the black mark on each end. That is level. Mark your stakes to level and then to the grade desired.