If all you do is eat, sight see, and stay in a hostel... then you don't have anything to worry about if you are trying to do Tokyo on a budget.
You can find a hostel around $20/night (I stayed at Oak Hostel near the Ueno station)
You can find a good meal for 450-800 yen (around $4.50 to $8)... or if you want to go super cheap, you can go to any convenience store (7/11 or Sunkus and the likes) and get a bento box lunch or sandwich for around $3. NOT BAD!
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