There is not a whole lot of cheap eats to be found in Victoria unfortunately. Some exceptions:
Noodle Box (two locations - one on Fisgard in Chinatown, one downtown on Douglas) offers yummy fresh food with lots of veggies for about $10-12 and if you're not a little piggy like me, you can stretch it to two meals.
Red Fish Blue Fish - located in the Inner Harbour in a shipping container - is cheap to moderately priced, excellent, fresh seafood. Definitely worth a visit. Try the tuna tacones. It's a very casual place; you sit on the dock, so when I say moderately priced, I mean given the environment and lack of amenities.
Brunch is a real Victoria trend - Lady Marmalade (lower Johnson St), Floyd's (Yates St) and Shine Cafe (Fort St) are all highly recommended and not very pricey. A good way to save money is to go for a hearty breakfast at one of these places and then pick up sandwich/salad fixings at Yates St Market or Thrifty Foods for a late lunch/dinner.
More suggestions later...