I recently signed up for an account at a hosting company called iPage. iPage offer hosting with all the same features as HostGator, for only $3.50 per month. At HostGator you can get hosting for $3.96 per month, but you have to sign up for 3 years to get this price.
The low iPage price is available for the length of your initial contract and then reverts to their standard pricing, which varies from $6.95 – $8.95 per month. Included is all the features you would need such as unlimited domains, unlimited MySQL databases (required for WordPress) and unlimited disk space and bandwidth.
I signed up last month and have put up a couple of small sites with absolutely no problems whatsoever. I guess it remains to be seen how the hosting goes over the long term, but I don’t expect any problems. They have a 24/7 live chat service which I tried out with a couple of test questions, and it was very responsive and helpful.
I recommend you check out iPage as a cheap first hosting account, or as an alternative if you already have an account with a company like HostGator.