Lets directly dive into the details about money, because that is where everything starts.
How to get here:
Bus : If you are from Pune or Mumbai there are buses that directly go to Hospet which is 10-12km way from Hampi. It would cost you around 800 to 1.2k based on the season you book tickets
Train is also a better option from Mumbai which would cost you even lesser, but considering all the fuss that friends create before planning a trip, Buses are the only options that are left for last minute bookings.........
We stayed in SKE Pallavi Residency, just right in the front of last Hospet bus stop, usually the hotel rates are around 900 to 1.5k per night,
But from my personal experience I would suggest staying in Homestays in Hampi, there are many homestays near Virupaksha Temple, staying at homestays would make your trip to Hampi complete.
As we were staying in Hospet, and totally unaware of the whereabouts of Hampi we hired a rickshaw for Rs.1000 for full day that took us around the places, better hire someone to visit maximum possible places of Hampi, and if you are here for Hippie island then just get up and catch the city bus(frequency is good) for Hampi, take a coracle ride(Rs.50) from Virupaksha Temple a 2 min ride to Hippie side, hire a two wheeler (around 300-350 rent per bike) to roam around Hippie Island which I'll talk about in another post..
Note: On your first day in Hampi just bargain and hire a guide who will take you different places in Hampi, and try and finish as many places as possible on your first day itself, the following days then you can just laze around on a bike in Hampi and Hippie island. And mind well Hampi will be etched in your mind to such an extent that reading stories about people on their 3rd, 5th, 21st trip to Hampi, wont raise your eyebrows.......