Do I have to have a domain and hosting account for each website I want to build?
I have two different websites and I also have two domains registered with two different domain registers. Both of them come with their own hosting.
I would like to start another site. Do I need another domain name and another hosting service? I ask this because I am own a low budget right now.
If you have own virtual private server like I do, (from around $50/month) - you can usually host up to about 100 sites, all of which will be screamingly fast. You can even become your own reseller and charge otheer people to host on your server.
Quite a few hosts allow for multiple domain hosting.
I would probably create an account at one such host, then forward my domains to it using a single (new) hosting plan instead. This will make it easier to manage. I use GoDaddy, but there are other hosts that will work. Make sure the plan that you get, is able to capacitate all of your domains.
For directions on URL forwarding, I will need your host(s) as it differs from one place to the next.