Living accommodations are typically where the bulk of your money will be spent when traveling. I enjoy a great hotel suite as much as the next person, but I don't have to stay there when I travel.... at least not anymore. I have stayed in hostels, high-end resorts, and recently I used Airbnb and stayed in someone's home. They all have their perks and its really your preference.

Hostel

My first time staying in a hostel was in Koh Chang, Thailand.

I affectionately called it my hut, original; I know. The hut has a single light bulb, mosquito net, and the occasional gecko. There is a community shower on the premises and an amazing view of the island. While all of this is wonderful the pancakes served with honey is what truly woke me up every morning.

My view when I awoke each morningI paid about $7 a night. The views were well worth it though. I eventually upgraded to a nicer hut and lost my very cool view 😔 — My view when I awoke each morning
I paid about $7 a night. The views were well worth it though.
I eventually upgraded to a nicer hut and lost my very cool view 😔

Hostelworld

Hostelworld is a great resource for finding hostels. You can search via amenities, location, and price. They also provide a review section for you to peruse and assist in your decision making process. I typically use hostelworld to book my hostels, but in my recent travel I was able to save about 20 euros by booking directly through the hostel's website.

When booking your hostel you have the choice of selecting a single sex dormitory, private ensuite, or residing in a mixed dormitory. The ensuite will allow you to have a private bathroom in most cases. The private ensuite is the most expensive of the three selections, but still cheaper than a hotel room.

Booking:

Check the cancelation policy. Some require 24 hours but some of the very popular hostels require a 72hour cancelation notice.
You will have to pay a 10% deposit and the balance in the host country's currency upon arrival.
Bring a towel, lock, and slippers or there may be a charge to use at the hostel.
If you are unsure of the location to the hostel to general sightseeing activities, book for one night and then shop around once you are in the country.
Hostels are a great place to meet other travelers and build lifelong friendships as well as add activities to your iteniary.

Airbnb

Airbnb is a great service where you can reserve a guesthouse or a room where an individual or family is currently living.

I opted for the latter. Myself and my family stayed with a lovely woman and her daughter. We coordinated a time to pick up the keys and we came and went as we pleased. If the individual or family is currently there just remember to be respectful of their space and culture.

Staying with an individual is a great way to gain insight on the culture.

Booking:

You'll have to correspond with the owner/host to reserve your accomodation.
Ask questions to clarify about location, the host's involvement in your stay i.e do they expect you to do things with them or will you be independent of them.
Be sure to schedule a time to pick up the keys.
If you decide to stay with a family or individual bring a gift.
Be respectful of the individual and their space and culture.

Let me know your secrets for saving money while traveling in the comment section.