If you're REALLY on a tight budget, stay at the famous Chunking Mansion or Mirador Mansion, both on Nathan Road in Tsim Tsa Tsui, across the street from the Hyatt. You can get a shoebox sized room there for as little as 100 HK dollars.
But if you haven't booked your airline ticket yet, try booking a package deal at Hong Kong's budget airline, Dragonair. The last time I went there, I booked through them, and the hotel/air ticket combo(very nice room on Queens St.) was cheaper than just the airticket anywhere's else, and I got a free subway pass thrown in as well! Best of luck!
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