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If you like Egyptian food, or don't mind trying something different, then the local restaurants in Sharm are so cheap!
The most popular 2...
GAD - There are restaurants in Hadaba (outside Aqua Blu hotel) and at Old Market (second entrance, 2 minutes on right).
ABO ALI - One in Hay Nour near the Church and other new one in Old Market, near just after Ibrotel Palace hotel.
Here you will find 5 LE (or less!) sandwiches of local beans, falafel, etc, etc. The hygiene standards might not be up to much, but the locals are fine with it and are always okay.
Koshry - this is a cheap Arab fast food which is basically a carbo blast! Rice, pasta, macaroni, with lentils, chick pea, and friend onions on stop, served with a tomato and onion sauce. Plus you can add on top garlic or chill sauce for that extra bit of flavor. It's delicious! You can try the high class version in Soho Square at Akuna Matata, or if you want to try real Egypt style (less than 10 LE!) it has to be El Sheikh restaurant in Old Market. First entrance, keep walking straight which bares slightly left then right 5 minutes, and then you will see it on the left hand side.
Om Ali - This basically an Egyptian style bread putting. For the best one go to Old Market, second entrance, walk for 2 minutes and then on left you will see very popular coffee shop called El Mardy, upstairs ask for Om Ali. Nice coffee shop and cheap!
EL MASREEN - Medium price and based in Old Market, Naama Bay and Nabq. Traditional Egyptian style delicious food, the best grilled chicken, but they often say these things are not available so you try something more expensive. But just tell them you will wait till its avilable. You can get a great meal here for a few pounds!
If your looking for European standards and style, of course the cheap eat places are places such as McDonalds, KFC and Burger King.