If you have your heart set on a Colorado hunt, I would suggest that you consider a cow elk hunt. Only $250 for the tag (vs. $490 for bull). They eat great, your chance of success is higher, and you can use it as a scouting trip for future bull hunts. Cow elk are available through the draw (deadline April 6) but there should be left over cow tags after the drawing. If you want to put in for a preference point and put a cow down as a second choice in an area that has extra tags, you will still get a tag and a preference point to use later.

If you are frugal, drive, camp (no hotels), don't eat out, and share gas expenses with another hunter, you should be able to hunt a cow for $5-600 total.