I should think that storing the champagne in a cool place should be fine. Preferably on it's side, the same as any wine, so that the cork stays wet. A day or two before the celebration, pop it in the refrigerator to chill. Do not allow the bubbly to freeze, as that will distroy the bubbles.
If it is your parent's 40th anniversary, why are you buying champagne that is "cheap"? This is one of the occasions that deserves quality, and that means spending money. (Cheap champagne is for celebrations where you're pouring for people who you don't really know and probably won't know the difference, like for a New Years Eve party at a bar.) I would suggest checking out a reputable wine merchant, explaining the situation, and setting a limit on how much you want to spend. He (or she) should be able to help you find the best buy.
I think DR George meant that he bought his expensive wine at a bargain price, DR SWW, not that he bought cheap champagne. I don't know from what about Champagne....but a 1995 Dom Perignon probably wasn't cheap!
I bought Cuvée Dom Perignon 1995 (normally $130-$180 a bottle!) at Costco for only $99. No, it ain't cheap, even from Costco.
And thanks to everyone who offered information about storing champagne. It's quite informative information. I had the bottle standing up, but per S. Woody's instructions, I've put it on its side. It's also in my extra bedroom where it's nice and cool because I don't turn on the heat.
Also, welcome Larry Moore, aka elmore3000!
and:
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