@LeeFromVT You need to link it to a domain to work; I don't think you can hack it to just an IP address. I'm running fine on 2GB, 50Gb storage, one month of transfer is barely 22gb as seen below.
The key is you have to configure an AWS for media - either Amazon AWS or a block storage AWS from Vultr or someone else. You can do 1TB at Vultr for $5 a month. My AWS storage right now is about 80 GB from 3 months, pruned back a bit. I have a lot of followers and follow a lot so that's where the media comes from. That way, none of the media - images, etc - ever hits your server.
If I were you, just fire up a Vultr server like mine, link it to a domain you have, and give it a go. A referral code if you want to try. I just found I've learned so much more about the architecture of Mastodon by running one.