Hi Vicky ,
there are lot of cheap hotels in Paris ,the latin quarter is really central and really lively ,i used to live in paris ,the latin quarter is full of restaurants from every continents but you need to go to the creperie the best in Paris ,there a lot of bars i loved this area, so for the accommodation i can recommend few hotels not too far from the latin quarter there is the Hotel Saint Sebastien in the 11th district around 65 euros for a private single ensuite but it is less than 10 minutes(subway ) to bastille really lively place as well and 20 minutes (subway ) to latin quarter.
there is the Hotel Mondia too , really central (republique)15 minutes to Eiffel tower by line 3 .
if you want have a look at more cheap hotels of photos go to this page
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