First, you need to prioritize correctly depending on your project. Before hiring, it is worthwhile to clearly determine the skillset of the prospective developer, what tasks he will perform, and what range of hourly rates you can offer. This will save you time and potentially money while hiring.
There are several ways to save money on the process itself: you can choose the developers from countries with a lower cost of living and, accordingly, lower hourly rates. Thus you will acquire a capable employee without giving up the quality.
You can also resort to the help of specialized intermediaries – agencies, outsourcing, or outstaffing companies. Yes, in the short term it costs more than manual search, but in the long term, you will save not only time but also protect yourself from unscrupulous contractors.