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“On the cheap” is a way of saying, “to do something inexpensively.” The phrase generally means that you are finding a way of doing something that costs less than the typical way of doing it.
Cold plunges are popular these days. But not everyone has access to a cold plunge. They’re at spas, high-end condominiums, and in exclusive homes. But if you want to do it on the cheap, you can. If you live in a cold weather city, you can jump in a lake in the winter. That’s as cheap as it comes!
You can buy a cold plunge for your backyard, but that can cost thousands of dollars. You can install a cold plunge on the cheap, though. There are plastic baths that look like coolers. Just add water and ice, and you have a cold plunge on the cheap.