You can come and see the fall colors in and around the Tride area for a fraction of the cost of staying in Telluride. The locals give it rave reviews.
Want to see Telluride but don’t have a boat load of money to spend? Stay in Rico, CO at the funky Rico Hotel.
In addition to the hotel, they have a great (but affordable) restaurant at the hotel – the Argentine Grill (do check times of year to make sure open).
To get to Rico from Tride you drive over Lizard Head Pass and the Lizard Head Wilderness. There are many places to hike and tele/cross country ski there plus Trout Lake.