I love hiking in CO too! It's my favorite activity. Just went to Golden Gate Canyon this weekend, it was so beautiful.
I really fell off the strength training this summer in favor of hiking/running, but I can tell you what I've done in the past and plan to eventually ramp up on. I tried out the gym for several months, but it just isn't my thing. I save up the money I would have spent on a membership and purchase equipment for home.
Equipment free, I like to do kickboxing, basic exercises like push ups, sit ups, squats, lunges, and different variations on these I've found online. I found pilates a good challenge and though I can't get into yoga, I'm going to be giving yoga for athletes a shot this week. I use free videos from my cable provider for the kickboxing, pilates, and yoga. You could also just try googling for some videos and/or purchase DVDs.
If you'd like to invest some money, the equipment I get the best use out of are an exercise ball, hand weights, kettle bell, and a resistance band. I especially like that I can easily take the resistance band with me when I travel. None of this equipment takes much room to store, except the ball which is a bit large.
For a bit more money...I purchased a relatively inexpensive rowing machine (~$170). It's nothing fancy, and when I'm not using it the oars fold to the body and I stand it up in the corner (and it fits in my small front closet if company is coming). It's a good total body workout and easy to squeeze in 30 min in the evening, especially if I forgot to do something earlier in the day.
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