For your Madrid trip, budget to spend between €200 and €250 per day as a couple. This includes accommodation, food and drink, entertainment, and transport.
Accommodation budget for Madrid (€60 to €120)
It is not difficult to find quality hotel accommodation for two, ranging from 60 to 120 euros a night. This article lists many mid range hotel options. If a hotel is centrally located near attractions, it does not make it automatically expensive. And in Madrid it is also ok to be away from the centre because the public transport system is so efficient.
Transport to Madrid attractions (walk)
Just walk! Most attractions in Madrid are located close to one another, so it is fast and convenient to walk even on a hot day. The most you will end up walking in Madrid is 20 minutes between the farthest attractions.
Madrid public transport is cheap; no need to worry if you are staying away from the center or prefer to not walk. Single ride tickets cost between €1.5 to €2.5 , and a 10 ride multi user ticket only costs 12 euros. The 10 trip ticket is a better option than the Madrid travel pass.
Madrid airport to city (public transport, 5 eu)
Metro or train is the best option from Madrid airport to the city center. A trip, including the airport surcharge costs only 4.5 euros per person. This is similar to taking the light rail or the bus.
Airport express buses take longer, 45 minutes vs 15 minutes by train. They cost 5 euros and are a good option for late night flights as they run 24 X 7.
If you are a family, especially with small children, it makes sense to take a taxi that costs €30 to the city center.
Food and Drink (€35 a day)
It is not expensive to eat and drink in Madrid, unless you go to fancy places. For €35 a day you can have a good local breakfast and a satisfying lunch and dinner with a glass of wine.
Madrid Nights out (€10-20 upwards)
Clubs and bars can be affordable if you pick the right places. Expect to pay between €10 and €20 cover charges (including a drink) depending on the place. At bars, a beer or wine costs about €3. A Flamenco show in Madrid can cost anywhere between €20 to €40 per person.
Entry tickets (it depends)
If you plan your itinerary well, you can mix paid entry with free hours at the main attractions of Madrid. Assuming you pay for entry to at least one major museum, budget for €20. And read this post to understand why it may not be a good idea to buy your Madrid museum pass in advance.
It would depend on what you feel like doing, and how much of a “I want to try everything” kind of person you are.
I am a very low budget traveler so I’m not sure I’m the best advisor here. But to give you an idea of costs (in not touristy places):
- A café con leche is € 1,60 - 1,80 .
- A breakfast (coffee and toast or pastry) ranges from €2,50 to 3 .
- A small beer: €1,60 / large 2,80 to 3 €.
- Glass of wine: 2,50 to 3,20 €.
- Bus ride: 1,50 €.
- Metro ride: depends on amount of stops, from 1,50 to 2,50 (better to buy the 10 rides ticket for €12,20 )
- A menú del día: €10 to 14 (and up, the sky is the limit!)
- A decent one course dinner in a mid range restaurant, with a glass of wine and dessert: 25 €
(you can eat quite well for much less than that)
- A decent drink: 7 to 8 euros.
You should also allocate money for shopping, attractions and other extras.
Food and transport is not too costly but Madrid is an expensive city for accommodation.
You will be fine if you can stay anywhere close to the metro.
Free things in Madrid
Here are some of my favourite free things you can do in Madrid
- Visit Retiro park anytime during the day, it is a lovely place for the family and it is free.
- Templo Debod, one of the must see attractions in the centre of Madrid is also free at all times.
- All Madrid Museums have free hours just before daily closing, in addition to free days and large free entry blocks on Sundays.