Something you might want to consider if you want to save a ton of money...

Learn how to record on a home based system. For the money you'll spend on studio costs, you can get a decent recording application, (Cubase/Pro-Tools etc.) a small mixer (Behringer) and a decent mic (Rhode). Probably even a faster computer or upgraded ram as well.
Go into the studio with a guide track and use their equipment to get the drums down.
Bring home the drum tracks, transfer them to your computer and record the rest of the instruments yourself, taking as long as you want without worrying about hourly costs. You've got unlimited takes, hundreds of tracks and unlimited flexibility so take the time to get it right.
When you have all the raw tracks, take them back into the studio and transfer them to the multitrack for mixing.

Take the finished song and pay to have it decently mastered. (or if you want to save money again, transfer back to your computer and use a mastering program)
If you're doing an album of songs, leave the mixing and mastering until you've finished all the raw tracks.