How Much to Budget for Living in Madrid

How Much to Budget for Living in Madrid


So, you want to come to Madrid for an internship. You may be wondering, ‘How much money should I budget for daily life in Madrid?’ Well, good news! If spent wisely, your money can get you far. Daily costs are generally inexpensive and you can dine out cheaply compared to other European destinations. Food comes at a standard price, with an average restaurant charging around €10-12 for a meal. Drinks can also vary with prices, with a Spanish beer costing €3. However, you may want to save up some money when wanting to visit museums and tourist locations but you can save money on entry fees if booked online in advance.

What is the Euro exchange rate?

For the current exchange rates, please see here. (

1 GBP = 1.16

1 USD = 0.86

1 AUD = 0.63

1 CAD = 0.69

1 NZD = 0.61

**Exchange rates as of 05/11/2021

What kind of budget in Madrid is right for me?

Your individual lifestyle is the main factor that will determine your budget. It will vary depending on what transportation you decide to take, personal dining preferences, nightlife and more.


Below, we have put together some budget estimates of your expenses in daily life during your time on your internship. In general, you can live on a low budget and still be able to live quite well. For those looking to spend a little more, there are also medium and high budget estimates. See which budget is right for you!

Madrid is a huge metropolis and it is impossible to walk everywhere. Luckily, their public transit is affordable and reliable if you are living close to the city. If you are under the age of 25, then the 30-day transport ticket, which includes unlimited journeys throughout the city, will cost €20. If you are over 25, then expect to pay up to €54.

(For food, all apartments will have kitchens, so you will have the option to cook your own meals.) Food at supermarkets are affordable, but you may find that some discount shops such as Lidl and Mercadona will make your shopping even cheaper.

Low Budget

For those looking to save money while still having fun and trying new things.

 Expense TypeCost per weekDescription
 Transport€20Monthly transport ticket (€20)
 Food€50Shop at Lidl/Mercadona (€30); Lunch out (€10); Dinner out (€10)
 Treats€20One night out with a few drinks and taxi
 Extras€30Going to museums/cinema
 Avg weekly€120 
 Avg monthly€480 

Medium Budget

For those who go to the gym, eat out more or spend more in other ways.

 Expense TypeCost per weekDescription
 Transport€25Monthly transport ticket (€20) and taxi
 Food€60Mix of shopping at Lidl/Mercadona and organic shopping (€40); Lunch out (€10); Dinner out (€10)
 Treats€40Couple nights out with drinks and taxi
 Extras€40Going to museums/cinema/gym
 Avg weekly€165 
 Avg monthly€660 

High Budget

For those who would like to spend more on cocktail bars, taxis or shopping. 

 Expense TypeCost per weekDescription
 Transport€30Monthly transport ticket (€20) and taxi x2
 Food€74Organic market shopping (€50); Lunch out (€12); Dinner out (€12)
 Treats€66Nights out at classy clubs with drinks and taxi/clothes shopping
 Extras€40Going to museums/cinema/gym/individual travel
 Avg weekly€210 
 Travel€150Going on a weekend trip
 Avg monthly€990 

As you can see, you don’t need too much money to enjoy life in Madrid. Be careful when you have a craving to buy a Starbucks coffee or give into temptation of using cheap Ubers to get to work instead of taking the metro. Not everything is cheaper in Spain, and all the little costs can quite quickly add up. So it’s important to find the right budget for you.

For international payments, we always recommend using TransferWise. They’re cheaper than the banks, because they always use the real exchange rate – which you can check out on Google – and charge a very small fee. They’re also safe and trusted by over 2 million people around the world. You can sign up here. (