The Maldives doesn't do cheap. back in the 1970's when the hippy generation first discovered it and started going there, the local government decided they wanted to preserve their culture and way of life (their choice, their country), so they deliberately made it expensive.
There's almost no inter-island travel allowed (definitely not without permission) and no hostels or independent travel infrastructure.
Be aware there's a bit of trouble in the country at the moment, political instability and some demonstrations in the capital. Shouldn't affect tourists, who are all on the resort islands and atolls. about 6 years ago
03 star category hotel like Embudu Village,Club faru are cheap comparing other resorts
04 star category hotel like,Chaaya Dhonveli,Adaran resorts are cheap comparing other resorts
5 Star category Paradise Island,Kurumba,Full moon resorts would be cheap.
according to the traveling dates and with some special offers rate can be vary. about 5 years ago