While roaming around Madrid below are some of the costs you should cover ranging from budget to top range:

Budget:

• Dorm beds 15–20 euro; hostal (budget hotel) doubles 50–70 euro
• Inclusive of a three-course menú del día (daily set menu) lunches
• You can also plan to go sightseeing around ‘free admission’ times

Mid range:

• Double room in midrange hotel 75–150 euro
• Inclusive of lunch and/or dinner in decent restaurants
• It is recommended to use discount cards to keep costs down

Top end:

• Double room in top-end hotel from 150 euro
• Inclusive of fine dining for lunch and dinner

If you need cash, ATMs are widely available. Also, credit cards are accepted in most hotels, restaurants and shops.

Tips:

Unlike in other places, tipping is not common in the heart of Madrid. Locals usually round up taxi fares to the nearest euro, or leave a few coins in restaurants. In better restaurants, 5% is considered fit for a decent tip.

Different hotels in Madrid are quite reasonably priced compared to other parts of Western Europe. Standards are also high and hostels are all around the city if you are on a tight budget. Tourist attractions in Madrid mostly have reasonable tags and several of the museums you can see there have frequent periods with free admissions so you can avail of that but you must be prepared to wait for quite some time because of the long lines.