Where to eat
Local food markets
While you’ll want to avoid pricier, tourist-heavy or more trendy food markets, some of the older, original markets, like the Mercado de la Cebada in La Latina or the Mercado de Antón Martín offer cheap Spanish tapas to fill your belly. You can have a snack or eat a full meal there.
Served at many of the restaurants around the Puerta del Sol or the Plaza Mayor, a calamari sandwich is cheap and filling. The sandwich consists of fried calamari in a fresh baguette, and may include mayo or other fillers on request. It’s one of Madrid’s most popular dishes on the go and ideal for anyone on a budget.
Get some free tapas
Many restaurants around Madrid, such as Entre Cáceres y Badajoz, offer free tapas with the purchase of a drink. Since beer and wine are already so cheap, drink up and eat for free.
Have a menu del día at lunch
Many restaurants offer a daily set lunch menu which includes a drink, starter, main course and coffee or dessert for a specific price, ranging from eight to 15 euros. The further away you get from the tourist center, the cheaper these menus become.
What to do
Walk the city
Walking is free! Enjoying the streets of Madrid on foot is the ideal way to see the whole city without spending money. You can walk a different neighborhood each day, or do a general walk to see some of the top monuments and architecture around the city.
Take the bus
As an alternative to the expensive double-decker tourist bus, just hop on a local bus instead. For just 1.50 euros, you can ride around all day and see the city almost for free, both local and tourist areas. For more information on buses and picking a route, visit Madrid’s EMT website.
Spend a day outside at Madrid Río
Madrid’s cool riverside area can be enjoyed for free! Explore the bridges and cross the river, or if the weather permits, sit in the sun on the man-made beach or play in the fountains.
Budget friendly tips and tricks
You can easily get around Madrid very cheaply by walking, taking the bus or hopping on the subway. Taxis will cost much more, so avoid this method of transport and your wallet will thank you.
Stay in a hostel, not a hotel
Hostels are typically cheaper than hotels and some in Madrid even offer private bathrooms and bedrooms for under 50 euros per night. If you’d like to spend less, there’s plenty of options for bunk rooms. For a trendy stay, sleep at The Hat Madrid, a hostel with hip minimalist decor and a fun rooftop bar at the top.
Watch for pickpockets
Madrid has very little violent crime but pickpocketing does happen. Obviously, losing your entire budget in a moment would definitely ruin your trip, so hang on to your belongings, especially when in crowded places or on public transport.