Lifestyle – Budget
We give you some advices for how to manage your budget and we give you tips to optimize your expenses. It is important to manage your finances when you go abroad so you are not surprised by the cost of living.
Madrid is not among the most expensive cities in the world, however there are certain elements to take into account in order to make the most of the city.
In the housing budget, you must allocate a portion to basic services: electricity, water, gas and Internet. The bills arrive every two months and are usually between 80 and 100 euros. If you share an apartment with two other people (the most common), the expenses are divided by three. In addition to the mobile phone, you will pay according to the package you have chosen. You can calculate around 25 euros a month. Therefore you must plan a budget.
After housing expenses, food expenses are the most important to plan.Spain has one of the richest and most complete gastronomy, with many choices, but eating at home will always be much cheaper, even if you do not have to deprive yourself of the bars and restaurants of Madrid and enjoy Spanish cuisine. The budget for one person varies between 150 euros and 200 euros per month.This calculation includes toiletries and other items such as laundry detergent and cleaning products. To this, we must add if you go out: there are very cheap bars that offer a drink and a tapa for 2.50 euros, restaurants with a menu at 12 euros and exclusive places where the meal can cost 50 euros or more, everything depends.
|Public transport in Madrid is considered among the best in Europe.The monthly subscription, which includes unlimited travel by metro, train and bus, costs just over 54 euros per month if you are over 26, if not the price drops to 20 euros. For the metro and the bus, there is also the possibility of acquiring a map and reloading the journeys you need. However, the subscription is the ideal tool to discover every corner of the city.|
Other expenses: clothing, footwear and leisure
Once basic expenses are covered, you need to budget for other purchases, such as a coat and a pair of winter boots, a summer fan, a book, or equipment you may need. for your studies.You still need to consider extra money for incidentals, such as cold medicine. In addition to studying, living in another country is walking, visiting museums or eating with colleagues, activities in which you could spend between 80 and 100 euros per month (or more). It will depend on your projects.