If you're budget then would say stay away from Mall road. There are many good hostels in Old Manali, Vashisht village and Naggar. Some of them are-
1. Zostel, Old Manali - Price 549 INR
2. Backpacker Headquarter, Manu Temple Road Behind Government School, Old Manali - 380 INR
3. The Culture Nation Hostel, V.P.O Old Manali Tehsil, Old Manali - Price 422
4. Madpackers Hostel, Apple County, Manu Temple Road, Old Manali - Price 438
For more you can check our detailed guide - Top 15 Budget Backpackers Hostels And Guesthouse In Manali Below 600 INR https://www.travelcharacter.com/best-budget-places-to-stay-in-manali/