Hotels in particular can be pricey in Hong Kong, especially if you want to stay on the island itself. Staying in the southern part of Kowloon will save you some money while keeping you in the center of the action. Hostels in Hong Kong offer good bargains as well, and private rooms are often quite a bit cheaper than 2-star hotels, but with similar services. Strangely enough, the hostels in Hong Kong almost all tend to get horrible reviews, so don’t expect much.
Hong Kong is loaded with Michelin-star restaurants and some very pricey options, but it’s also home to thousands of neighborhood noodle joints that are good and cheap. Alcohol in proper bars here is very expensive so it’s poor value for budget travelers. Instead you can do like the locals and buy cheap drinks at 7-Eleven and consume them (legally) on the streets in the nightlife districts.
Hong Kong is one of the world’s major business capitals, which contributes to it having steady visitor traffic all year round. At some Hong Kong hotels you’ll find a slight dip in rates during the June through August rainy season, which is also when fewer business travelers are on the move, but don’t expect a great bargain. In general it’s always best to book as far in advance as possible here, as deals are usually easier to find a month or more in advance.