Hong Kong is expensive by Asian standards especially the cost of accommodation. A traveller on a bare bones budget can probably survive with $150 for a day if you are willing to stay in some of the cheapest accommodation in Hong Kong which could be as cheap as $60 per bed but the quality is not what everyone can tolerate. Backpackers with a less tight budget should expect to spend at least $150 for a bed and $500 for a room. Family travellers should expect to pay at least $1000 for accommodation per night. Sites such as wimdu and airbnb do offer a considerable range of 'local' accommodation, though standards vary. It is a good way to stay in areas where people actually live and see the day to day goings on of life. Be aware though that these are not hotel style accommodation and reflect the tiny spaces that Hong Kongers live in (including short, narrow beds). The cheapest food available will cost you around $25-35 for a meal (or $2.50+ per piece for Dim Sum), although in mid-range restaurants, $150-200 per head is common. Another option if you don't feel like dealing with people or the language barrier (and aren't that fussy) are the microwave meals at 7-Eleven and Circle K. Usually these cost around $10-$15, and are of an adequate nature, especially given how cheap they are. Microwaves are onsite at 7-Eleven to allow you to reheat. Usually 7-Eleven and Circle K will have basic sushi, sandwiches and instant cup noodles, which make for a very cheap feed.