Prepare a meal at home, but go to an upscale restaurant for dessert. Fancy, but much cheaper than a meal.
Historical sites nearby are often overlooked by locals. Look for close-by museums or landmarks that are free or little cost and spend the day as a tourist.
Picnic by a lake or a nice park. Find a book about astronomy and take it with you to find constellations.
If you live in a city, it's likely there will be a public karaoke place. If not, try online karaoke. Set it up in your house, do it alone, or invite friends for a group date.
Most ice skating rinks are relatively inexpensive. For two people, you won't spend more than $20.
Local dance studios offer lessons. One night is an inexpensive way to get out of the house.
Make it a day of his or her favorites: music, food, movie, activity. Whatever it is, let them have the perfect favorite day.
Maybe a wholesale club, like Sam's or Costco, isn't the poster-place of romance, but have fun eating free samples and then go out to a light lunch together.
Make a nice dinner, including a homemade menu to create the setting.
If she really loves chocolate, take a tour of the local chocolate shop, go out for chocolate dessert afterward or go home for hot chocolate snuggling. That's loads of chocolate.
Another option is to make homemade chocolate dipped strawberries. Much cheaper and you can be creative in the process.
Plan a scavenger hunt around town with clues in envelopes. The final destination can have an activity or dessert set up.
Recreate your first date by doing the same activities.
Think of an activity or skill you've both been wanting to learn such as rock climbing, painting, playing the piano, changing your oil and spend the night learning to do it together.
Look up promotion codes for Redbox to get a free DVD or only spend $1 on a movie. Then make your home look like a theater