Is it possible to be Frugal in Hong Kong?

I am planning on going to Hong Kong on February, however, as a college student (and a citizien of a third-world country) I don't have much money to spend, so I was looking for ways to visit it cheaply.

I have (surprisingly) found several Hostels where dorms are under $20 a night, but looking on the internet for food prices gave me several contradictory stances.

Some sites say the very minimum price there is $30 a meal, while others go as low as $10. Can someone confirm me how much is the price range for low-cost meals on HK?

Also, if you know some tips for using less money there, please share them.