When I was in Frankfurt, I stayed in the Youth Hostel. The Haus der Jugend can be found on the south side of the Main river and is in walking distance of the city centre and Sachsenhausen's night spots. It is a very nice clean hostel with a welcoming atmosphere and I am sure that the people at reception speak most languages. If you have a hostelling card you are looking at paying approx DM26/33, however, if you don't, you are looking at paying quite a bit extra. I personally found it quite expensive for a hostel, but then again it is in the city centre and I guess you pay for convenience. The price does include breakfast and evening meals consisting of several courses cost around DM8.70
If you want to get a bus there, I would recommend taking the No46 from the Hauptbahnhof to Frankensteiner Platz.
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