If you are a dirt-cheap budget traveller, could also try some of the budget hotels in the Mirador or Chungking Mansions.... place doesn't look nice from the outside but the hostels/hotels there are all hit/miss. See one, don't like it, go to the next one.

Mirador is nicer than Chungking, by rule.

I stayed at the YHA on Mt Davis, closer to the Macao Ferry Terminal. Cheap (sub-US$10/night) but had to take a special bus from the Ferry Terminal to get there (or a taxi).