While not entirely budget level, Seychelles style, this is the cost of a fairly comfortable life:
Flying there from Europe: 1000 E
1 night in a guest house/3 star and below hotel: 60 E
Breakfast: 10 E
Basic lunch/dinner w/ drinks/dessert: 20 E
Taxi from airport to Victoria 10 E
Snorkeling tour in a boat, half-day w/picnic: 50 E
Full day game fishing w/food and drinks: 200 E
Cat Cocos catamaran boat Victoria-Praslin: 20 E
Bike rental, one day: 8 E
A beer and a burger or pizza: 12 E
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At Least Do This: You may beat the prices here with organizing your own picnic on the beach, buying your breakfast, lunch, dinner and fruits and drinks out of the super market etc. And no problem, you are supporting the local economy and getting very decent food, too.
You can save on drinks by drinking tap water, which is perfectly safe.
If you gang up a few people and charter a fishing boat you may easily beat the price of a tourist agency or hotel’s offer for a fishing tour. If you rent a bike for several days in a row, you’ll get a discount etc. etc.
To beat the hotel costs, you can look at cheaper guest houses and non-service accommodation. Another way of going about it is to jump on an offer for accommodation and all the food included. That seemed to me to be a very good choice if staying in one place for a while.