For 'hot', rather than 'warm', you need to go further down the map than even the southernmost parts of Europe. So that means Africa. The most obvious destination (and certainly the cheapest) has to be the Canary Islands. (The islands might be culturally European, and most insurers include them in European cover, but geographically they're off the coast of Africa).
The African destination that travel writers repeatedly praise (yet is still within a reasonable budget) is the Gambia. Egypt is also popular with AB contributors.
Of course, if your funds stretch to it, you'd get a great suntan in Australia (which is a fantastic country to visit) but it certainly wouldn't be a cheap holiday.
Chris