I wish you luck- there is nothing cheap in Georgetown, and most of the time there is nothing, period. There is the venerable Peace & Plenty hotel, which is rather pricey in my opinion, but is fairly clean. We didn't find much else in accomodation, at least not much that was open. A lot of stuff was closed down for some reason, and I suppose that it is no better now... (We were there twice in 2008, and had sense enough to rig the second trip to only minimal time on shore before boarding our liveaboard.

) Food is not much better. Again, you have the Peace & Plenty restaurant, which is fair but pricey. Not much else in town, except for a big bar/restaurant/local hangout in the middle of town, about which the less said the better

. If you are gonna stay a day or two, I strongly suggest you rent a car and get out of town. There is a nice little roadhouse out on the west road a few miles out of town which had pretty good food at reasonable prices, but if you are thinking of this, without a car you will be sunk as it is way too far to walk. In general though, food was not a real attractive option down there.
Now, if you happen to be there during Regatta, (as we were on the second trip) all this changes. Prices are still pretty stiff, but everything opens up, and a lot of stuff that wasn't even there before magically appears. At least you have choices during this festival, especially when it comes to booze. (Virtually every stall and stand that we saw open had a shelf of liquor and was doing bar business. Even the souvenier shops!) I don't know if other festivals produce the same behavior, as I only had experience with this one. I don't think they are too common, however, and in between them- moribund. My 2 psi, for what that is worth. Woody