You can pan-fry steak. I like it in a cast iron skillet for a quick sear, then transferred to the oven for a bit to heat through, although the pinker you can handle it, the better.
Once you take it out, put it on a cutting board or plate and don't cut into it for at least 5 minutes. Steak has to rest. It will continue to cook a bit during this time. If you slice it too early, you'll lose all the delicious juiciness.
I don't believe T-bone is particularly inexpensive. Anything really cheap will be super tough anyway. Beg, steal, or borrow a couple bucks and get a nice piece of steak.
I would suggest London Broil if you really have to find something cheap enough but not super tough/gross. I think this is basically the same bit of a beef animal that a lot of roasts come from. It's firm and requires chewing, but it's not gristly like cube steak (an even cheaper cut) would be.
Otherwise, invest in a crock pot and you can make anything delicious and tender, like shin (shank) meat, roasts, etc...