Yes, you saw it right! I spend 900 USD (including my return air ticket and accommodation) for a 3 day 3 night stay in Maldives. Let me give you a glimpse into how did I do that.
As with all pictures which you have seen on the internet on Maldives, the colours of the water are indeed the same colours that you see in the pictures. You do not have to spend a bomb staying in the high-end resort to see this sight. In fact, as you stepped out of airport to take the speedboat to your island, the waters ARE ALREADY INDEED BLUE! So... there is no need to stay at those high-end resorts. I stayed at a local island, called Maafushi Island. It is a very small island which can be covered in about 10 minuets by foot. There are numerous guesthouses and inns on the local island, hence there will be competition among these accommodation operators. You will definitely get a good price for a night's stay - as low as 20 USD a night!
In addition, when you are looking to do a day trip out of the island for snorkelling, sand bank trips, resort excursion etc., please shop around to check on the prices offered by different guesthouses before you make a decision. It is definitely cheaper to do a day trip from the local island than from a high-end resort because always bear in mind that - there is competition in on the local island.
If you are not into very fancy resorts and not looking for a luxury trip in Maldives, do consider staying on a local island because that could save you a lot more money and yet you get to interact with the locals and experience their way of life!