Prosperous The VPS I have now is US$60 (~A$80) per month which is money I can put away to increase my savings.
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I do know my way around the majority of hosting however I do still prefer to keep this new package easy from an administrative perspective.
When you use managed hosting, you are paying for skill and hardware. Skill to setup, maintain, debug, support, etc - and the amount of hardware (Disk size, Ram, Cpu).
If you want to pay less, you must sacrifice one of the two.
Check your long term projections. Do you plan on having this hosting for 6 months? A year? 5 years?
At $79/month + 5 years = $4740
At $20/month + 5 years = $1200
Check your usage. Do you really need a VPS, or can you use shared hosting? Do you really need 2gb of ram, or can you get by on 512M?
Check your level of support, do you really need fully managed servers? Could you setup this on your own?
My suggestion - don't change anything and continue using LiquidWeb since it's already working. But trial DigitalOceans VPS and see how far you get. If it's too difficult and overwhelming, destroy the VPS. A week with the 1gb one would be $2.50. Minimally ventured, minimal lost.
But if it's not too difficult, you're not really on your own. This is linux - any problem you have is likely documented and has a guide to it, a few searches away.