Hi my daughter and I are going to Panama for about a month and am wondering what is the lowest price accomodation we can pay and of course where would the most practical place to stay for a great holiday where maybe we could cook for ourselves? Also best way to go into Columbia???

How old is your daughter? Some backpacker hostels only permit children to stay in private rooms, which are usually more expensive. Depending on her age, I might be able to make several suggestions.
What can you afford? Whats your budget for a month.
Its easiest to fly to Colombia, if not via sailboat charter, about $400PP and allow 10 days for the passage and the captain having enough souls to make the journey worth it. You can cross the Darien Gap on foot, with a guide, boats and busses, but its a unruly and dangerous area between drug cartels and para military, and Malaria risk.