Cost of hosting… Too expensive.

In July of this year my subscription for my hosted site comes up for renewal. At the moment I use Bluehost but the fees they’re asking is just too much to bear. Somehow I really don’t fancy paying what they’re asking. If the site was paying for itself, then I wouldn’t mind paying. But it’s not.

My question(s) is this.

Is there an alternative to paying exorbitant fees to Bluehost?

What are the consequences if I do nothing and let the site lapse?

Is there a cheaper alternative and how difficult would it be to transfer my domain.

Thanks in advance