When you're booking your flight to and from Shanghai, you should pay attention to the arrival and departure times so that you can decide how to travel between the airport and the city. It's no good saving money by taking the red eye special only to lose all of the saving on an expensive taxi ride to your hotel or hostel.
The cheapest way into the city is to take one of the many airport shuttle buses, a ticket can be had for about 18 Yuan, however the bus takes a good hour and a half to complete the journey.
Check schedules here:
http://www.chinaairlinetravel.com/airport-guide/shanghai-airport/pudong-airport-bus.htm
The next cheapest, and my favourite way is on the MAGLEV train to Longyang subway station and then by subway to the most convenient station to your hostel / hotel. You will get a discount on presenting your flight boarding pass so don't throw it away beforehand. Going to the airport from Long Yang you need to show your flight ticket to qualify for the discount. Standard ticket one way is 50 Yuan, Discounted ticket one way is 40 Yuan.
On arrival at Longyang just head down the escalator to the subway station. You can buy a train ticket from one of the machines or from the ticket office, the most it should cost is four Yuan. All stations are announced in both Chinese and English prior to arrival. I've put some pics of screen shots from the ticket machine at the subway stations, these too are in both Chinese and English.
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