Bangkok has hundreds of places to stay for all budgets. The top hostels in Bangkok are located in Sukhumvit, Silom Road or Banglamphuu. Banglamphuu is the old backpacker center in Bangkok, Silom is the modern business district and Sukhumvit is great for shopping and nightlife.
Here some hostel that may accommodate a budgeted travel to Bangkok:
The area around Khao San Road in Banglamphuu serves mainly budget travelers. Khao San Road has some of the cheapest accommodation in Bangkok and you will meet a lot of other travelers here. One of the most popular hostels around Khao San Road is the NapPark Hostel (5 Tani Road in Banglamphoo).
Khao San Road and its surroundings are filled with bars, restaurants, travel agents and street markets that all serve the international backpacker community. It is conveniently located near a river boat pier -- the boat will take you to many tourist attractions, including Bangkok's biggest temples, and many attractions are a walking distance away.
The Soi 1 Backpackers Hostel (220/7 Sukhumvit, Soi 1) is a hostel and guesthouse in the modern Sukhumvit area. Sukhumvit is a great location to stay for shopping and for traveling around Bangkok, since you will be near the comfortable air-conditioned Skytrain. It is easy to meet people in the Soi1; the hostel has a common room, a game room and a bar, and it throws regular parties for guests.
Silom is Bangkok's modern business district and conveniently located near the Skytrain. The Smile Society 130/3-4 Silom Soi 6, Silom Road) is one of the top hostels in Bangkok and popular with guests who like the relaxed atmosphere, the free breakfast and the helpful staff. The Smile Society calls itself a boutique hostel and offers free Wi-Fi, safety lockers, washing machines and free tea and coffee.