So to beat omg.lol's price you have to hunt for a bargain, then hope the price doesn't double in the following year?

Oh, and you also need to own a domain already, otherwise it's an extra 10-20 bucks per year.

No, you can get a free Unix account on sdf.org with web hosting and email if you want to build for yourself the kind of thing omg.lol does and don't want a VPS. It's just "Even the most dirt-cheap VPS is a few bucks more [than $20/year]" is outdated, they're available less than half that price and likely only getting cheaper in future. If you really want, you can risk things like the Oracle Cloud Free Tier. If budget is what you want or need, then "hunting" (visiting Lowendbox.com) is something you are probably willing to do.

omg.lol gives a subdomain rather than a domain, right? So do free dynamic DNS providers like noip.com or dyndns.org (not sure if they still do free ones). If you want to register a domain, you also have outdated pricing, if you want cheap don't go for a popular TLD; .de is $4/year after the first year at Porkbun.com, .ovh is £2.99/year after the first year at OVH.com, internet people say .ru is available for $1/year.

As with many other things, I'd advise against picking a VPS plan based on price alone.

I've found Vultr to be both affordable and of consistent quality for my modest needs (personal and business web hosting plus IRC bouncing). I pay about $5/mo or $60/year.

That's fine, but the complaint was that a VPS is "a few dollars more [than $20/year]" as if that was an objectionable amount/increase. In that case, money is the main decider and $60 is much worse, and $8 is much better. People fighting for "a few dollars" a year are likely to be expecting (or unhappily tolerate) lower quality.

I've had pretty good experiences of Linux VPSs for around $20/year from several companies.