It's the time of year to drink and be merry - and whether you like red, white, or bubbles, finding the right one for your taste buds and your budget can be a challenge. Food and Wine Magazine's executive wine editor Ray Isle shared his wallet friendly picks with CNBC's "On the Money."

Bubbly

Dr. L Sparkling Riesling ($13) While Prosecco may be the best-selling sparkling wine in the world by volume and Champagne is the drink of choice for many when it comes to celebrations, Isle has another option. "A lot of what's been going on this year in wine is that people have been trying different stuff like breaking out of their normal realm," he told CNBC. Isle notes that this German Riesling is fruity, crisp and has a tangerine flavor to it, and it's also not sweet.

White

2017 Cune Monopole ($15) People associate Spain's Rioja region with red wine, but Isle says this light, crisp Rioja white is an ideal alternative for Pinot Grigio or Sauvignon Blanc lovers and makes for a great aperitif wine. This winery first stated making Monopole in 1915— and it's the oldest registered white wine brand in Spain.

Red

2016 Badenhorst Secateurs ($17) Adi Badenhorst is a winemaker from South Africa. For his Secateurs red, Isle says "it's Cabernet, but blended with Rhone varieties like, Cinsault and Carignan, so it lightens up the Cabernet." The name "Secateurs" comes from a term for grape vine-pruning shears.

Champagne Splurge

NV Pierre Peters Cuvée de Reserve Brut ($55) If you're looking to splurge, Isle says this champagne is "a killer wine – can't go wrong with it." Isle explains this is a "grower champagne" meaning all the grapes used come from Pierre Peters' own estate, unlike producers such as Moet or Veuve Clicquot which source their grapes from a number of different farmers.

Tips for popping the cork