I have lived and worked here for a long time, so I have a pretty good Idea of what things cost and how to set a good budget for a trip to Madrid.
Before I lived here, I travelled to Madrid often and the prices of things never felt too expensive in comparison to London where I am from. But after living here, I see the difference in what a local spends on things compared to tourists and would like to help you save some money where possible.
I wouldn’t say you need to have a meticulous budget for you day to day expenses in Madrid, but there is a lot to see, a lot of attractions, bars, events, markets, amazing food. You want to know how much you will be spending on a day to day and I will help you with that.
Money Matters: Crafting the Perfect Madrid Budget
Estimating Your Budget
We all know that we are going to be spending more on a holiday than we would at home, that’s a given. Before setting of, you need to estimate your daily costs, any attractions you want to visit, additional costs like travel insurance, emergency funds etc.
I have three kids, and we always had to take into account food costs. Are we going to be eating out, how often, how much does food cost in supermarkets in Madrid? These are questions those with kids will appreciate.
You don’t need to plan it down to the fine details like your snacks, but buying your tickets in advance for any big expenditures is always a good Idea. Like you want to make sure you have your Hotel in Madrid booked way in advance.
Daily Expense Breakdown
So for you Madrid Budget, I want to break down into categories the things we would budget for as a family traveling and you can tailor it to your needs.
Accommodation: Madrid has had an explosion in tourism in the last couple of years, so hotels are booked out very early. On average you will be paying anywhere from €50-250 per night. This widely depends on the location and class of hotel of course.
Dining: Food is a very big part of any trip to Madrid. Estimate around €4 to €10 for breakfast. €15 to €40 for lunch, and €20 to €60 for dinner, per person, depending on where and what you choose to eat.
Snacks and Drinks: Even on a full belly, you’re going to be walking past a bakery every 5 minutes. Or there will be a food market, an ice cream stand. Put aside €5-10 per person for the days you snack out!
Transport: Madrid’s efficient public transportation system includes buses, Metro Trams, Cable Carts. An travel pass with 10 trips will cost you €6.10 currently in Oct 2023.
Entertainment and Activities: There is so much to see in Madrid, some free, some you have to pay entrance fees, and this can be anywhere from €8-30 per person.
Additional Costs
In addition to your daily expenses, consider these potential extra costs:
Travel Insurance: Ensure you have comprehensive travel insurance The healthcare in Spain is free at point of care, but having travel insurance gives you peace of mind for other things like lost luggage and theft.
Souvenirs and Gifts: Set aside some funds for gifts and mementos to take home, llike €30 to €50.
Emergency Funds: Having a little extra for unexpected expenses or last-minute changes is always a wise move.
Tips for Saving Money in Madrid
I mentioned I have kids, and we like to keep certain costs down so we can spend more on other parts of a holiday. Here’s a few tips for you to save money when in Madrid.
- If you don’t want to go to a restaurant every day for lunch, a lot of the local supermarkets like Carrefour and Dia sell hot prepared food. You can get a whole roast chicken, some roast potatoes, a loaf of bread and a drink for around €15.
- For breakfast, instead of eating in the hotel or a fancy bakery, just go to one of the local bars. You will get a better feel for the culture, the food is way cheaper and often better quality.
- Take advantage of Madrid’s free attractions, such as El Retiro Park, Templo de Debod, and many of the museums are free to enter an hour before closing.
- Don’t take so many taxis, use the public transport. Madrid’s metro is very efficient, as are the buses. With a little planning you can get from one end of Madrid to the other in no time, and it’s cheap.
Total Budget Estimation
Now I’ve broken down the daily expenses and additional costs, let’s calculate a rough total for your Madrid vacation:
- Accommodation: €50 to €250 per night.
- Dining: €50 to €120 per day.
- Snacks and Drinks: €10 to €20 per day.
- Local Transportation: €32 (for a 4-day pass)
- Entertainment and Activities: €40 to €160 per day.
- Shopping: €50+
- Travel Insurance: €20 to €40
- Souvenirs and Gifts: €20 to €100
- Emergency Funds: €50
Estimated Total for a 4-Day Madrid Vacation:
€802 to €2,000
Now these are numbers based on you eating out, snacking, shopping every single day. If you like to live a holiday without any worry for a budget, then you will be spending that amount of money, but let me tell you how you can keep these numbers down as a local.
| Expense Categories | Estimated Daily Range (€) |
|---|---|
| Accommodation | €50 to €250 |
| Dining | €50 to €120 |
| Snacks and Drinks | €10 to €20 |
| Local Transportation | €32 (4-day pass) |
| Entertainment and Activities | €40 to €160 |
| Shopping | €50+ |
| Travel Insurance | €20 to €40 |
| Souvenirs and Gifts | €20 to €100 |
| Emergency Funds | €50 |
Budgeting For Solo Travel To Madrid
If you are budgeting for a solo trip to Madrid, and you want to save as much money as you can, the first thing is going to be your accommodation. Unless you have a friend in Madrid offering the couch, then hostels are going to be the best option.
I spend many nights in hostels in Madrid, and they are some of the best in Europe for sure. They are always clean, in great locations, and I never had any unpleasant moments. The breakfasts are usually really goes and cost around €5.
I eat a lot and can comfortable get through a full day spending around €20. A protein shake, coffee +toast and ham will cost me about €5. For lunch I’ll get a half a chicken + potatoes for €4. Then for dinner I can treat myself to a Burrito and a beer, even have some change for a donut.
I understand this is more frugal living, but this is more for the explorers out there. I like to walk around a city from sun up until my legs give out, so I focus more on the sights, parks, streets, architecture. This changes a little when you are traveling with others or family though.
How Much Money Do You Need Traveling With Kids To Madrid
The biggest travel expenses in Madrid is the accommodation. The best thing you can do here is to book as far in advance as you can to get the best deal. Also, think of getting a hotel a little further from the center. Not too far, like a 10-15 min ride on the Metro.
You will get a lot more space, and there are a lot more parks for the days you want to entertain the kids. We always liked to take the kids to a park every day, and Retiro is beautiful, but also full of people. It’s nice to have a quite moment at times.
Most restaurants always have a kids menu thats half the price of the full one. The food options are great, not just nuggets and chips. Good, healthy food. For your daily snacks though, I would fill the backpack up at the local supermarkets.
For most attractions, kids pay less to enter and transport is also cheaper. Before you pay for anything, check if they have any special discounts for families. We have saved a lot of money pointing these deals out, as sometimes, they won’t.
FAQ’s
Is 500 dollars enough for 5 days in Madrid?
If you have already taken care of your accommodation, I would say 500 dollars is more than enough for 5 days in Madrid. a hundred dollars is about the same amount in Euros in 2023.
If you have to factor in where you are staying, then you need to book way in advance to get the best deal. If you find something for €50 a night, you can still get through your day, but you’ll have to cut down on attractions.
How much for food and stay for 3 days in Madrid?
Realistically, you are on holiday, so expect to spend 100 per person. This is food, snacks, and attractions. On the more frugal side, just walking around and visiting the city, doing your own food shopping, you could easily bring that number down to €30-40 per person.
How much should I have for a 2 week stay in Madrid?
Now this is where you want to be paying attention to your expenses, and really nailing down a budget. Best case you are staying with a friend, or have booked a long term rental. This leaves your food, transport, entertainments, dining, it’s a lot to consider.
Living in Madrid, I can tell you how I go about my day to keep costs down, maybe it will help you a little.
The first thing you want to get is a transport card. Currently 10 trips on the Metro (can also use on the bus and trams) will cost you €6.10. Then find out where your closest supermarkets are, and download their apps to take advantage of offers.
When you are out and about, pack a bottle of water you can refill at the many fountains around the city. Carry a back pack and have your snacks and anything else you will need throughout the day.
Sure, you will go to a few restaurants, go to museums, visit markets, buy some gifts. The trick is to live like you are back at home. The shops will feel unfamiliar at first of course, but you know what you like to eat and everything has a picture.
What is the average cost for a week vacation in Madrid?
To be on the safe side, with accommodation, food, travel, entertainment and luxuries. Say around €100 a day, but if you read the rest of the article, you will have seen there are many ways to save money in Madrid.
Conclusion
I would say your budget largely depends on what you want from your trip to Madrid. If you want a luxurious trip and will be eating out three times a day, going to all the private tours, then you are going to spend a lot of course. But there are other options.
It is very possible to come to Madrid, see all the best it has to offer and not have to take spend an arm and a leg. If you keep it simple, stay away from the tourist traps and follow my way of living like a local, you can have a great time on very little.