Meg Sees The World

Madrid is a vibrant city full of rich history, culture, and mouthwatering food, and it doesn’t have to be expensive! Whether you’re a solo traveler, an adventurer, or just trying to stick to a budget, this guide will take you through some of the best affordable spots in the city. From local markets to stunning viewpoints, here’s how to explore Madrid on a budget!

Why should you visit Madrid?

(If you already know why you want to visit/dont care, feel free to skip ahead to the recommendations)

I moved to Madrid in January 2021 having never visited before (and knowing next to nothing about it) and quickly fell in love with the city. Now having travelled much of Spain, I can safely say Madrid is my favourite place in the country and I highly recommend it to anyone wanting to explore Spain. In fact, I always recommend visiting over the more popular (and in my opinion, slightly overrated) city of Barcelona.

Although not the most beautiful Spanish destination, Madrid is so full of life and that’s something I felt immediately drawn to. There’s so much to do, see, eat (and drink!) and living there for 5 months wasn’t even close to enough time to enjoy it all. The capital city encapsulates everything that I find wonderful about Spanish culture. The shopping, museums, parks and nightlife are some of the best I’ve experienced anywhere in the world and I’ve compiled my top recommendations. Enjoy!

Where to Stay

Bastardo Hostel

For a budget-conscious traveler looking for a fun and social atmosphere, Bastardo Hostel is a great choice. Located in the lively Malasaña neighborhood, this hostel offers comfortable rooms and a bustling bar. Centrally located with lots of shops, restaurants and bars nearby, it’s the perfect base for exploring Madrid.

Cost: Dorms from €20, private rooms available

Book Here: https://hostelworld.tp.st/mh1VMjkn

What to Do

Sunset at Parque Cerro del Tío Pío – Madrid’s Best Sunset Spot

For breathtaking views of the Madrid skyline, head to Parque Cerro del Tío Pío. Templo Debod is another sunset hotspot but you’ll find a lot more crowds! Grab a blanket, some snacks, and watch the sun dip below the city for an unforgettable (and free!) experience.

Budget Tip: Bring a picnic or drinks from a local grocery store to enjoy while you relax.

Rowboats in Retiro Park – Relax on the Water

Regardless of the season, a visit to Madrid wouldn’t be complete without spending time at El Retiro Park, a wonderful green escape in the chaos of the city. One of the best ways to enjoy the park is by renting a rowboat on the large artificial lake at the park’s heart. It’s a lively and peaceful way to spend an afternoon, perfect for a solo traveler or group looking to unwind and take in the views.

Cost: €8 for 45 minutes on weekdays, €10 on weekends and holidays
Budget Tip: Visit on weekdays to save a couple of euros and enjoy a quieter experience with fewer crowds.

Espit Chupitos – Fun & Affordable Night Out

Looking for a lively night out without breaking the bank? Espit Chupitos is a bar known for its wide selection of fun & unique shots (over 600 options!), I got one that was set on fire with a marshmallow to roast over it! It’s a fun, budget-friendly spot for drinks and a great way to meet locals and travelers alike.

Cost: Shots from €2

Top Tip: Arrive early to avoid long lines—this place is popular with locals and visitors alike

Moncloa Lighthouse – A Unique Viewpoint

For a unique and often overlooked spot, visit the Faro de Moncloa (Moncloa Lighthouse). This 110-meter-high tower offers panoramic views of the city and beyond. On clear days, you can even see the Sierra de Guadarrama mountains in the distance.

Cost: €4

Budget Tip: Visit on the first Wednesday of the month for free entry.

Art museums

Madrid has some of the best art museums I’ve ever visited, spanning from classic masterpieces to contemporary works. Here are three must-visit art museums, located in Madrid’s Golden Triangle of Art, perfect for a full day of cultural exploration. You can get a ‘Paseo del Arte’ for a discounted rate of €32.40 for all 3.

• Museo del Prado – the most famous museum in Madrid, holds an extensive collection of European art, with masterpieces by Goya and Velázquez

Book HERE for skip the line tickets, and HERE for a guided tour for those that want to really get the most out of the visit!

• Museo Reina Sofía – a modern and contemporary collection that spans a huge number of galleries. Although it features many iconic 20th century artists, Picasso’s Guernica is the most famous piece on show

Book HERE: https://getyourguide.tp.st/ua51FxJb

• Museo Thyssen-Bornemisza – if you’re not sure what period/style of art you prefer, this museum has a diverse collection spanning eras

Book HERE: https://getyourguide.tp.st/IoTle8op

Where to Eat

Tapas Tour – Explore like a local!

I’m a big advocate for food tours (I work as a food tour guide after all!) and although I haven’t taken it myself, it’s highly recommended and I’m putting it on my list for my next visit!

Book Here: https://getyourguide.tp.st/gVdYd8Vl

For the foodies that want to get to know Spanish cuisine in even more depth, check out this cooking workshop: https://getyourguide.tp.st/z7r76ngI

San Fernando Market – The most underrated market

For a taste of Madrid’s local food scene, head to Mercado de San Fernando, a vibrant indoor market in the Lavapiés district. Here, you’ll find a variety of affordable tapas, local produce, and small artisanal shops. It’s less touristy than Mercado de San Miguel, making it a more authentic (and affordable!) experience.

Cost: Free to enter, food prices vary

Budget Tip: Check out the “pay by weight” stall for affordable tapas priced according to how much you order

NAP Pizza – Naples-Style Pizza on a Budget

Craving pizza? NAP Pizza serves delicious wood-fired, Naples-style pizza at affordable prices. With locations around the city, it’s a great spot for a quick, budget-friendly bite.

Cost: Pizzas from €8-€12

Bar Gyoza Go! – Affordable Japanese Eats

My favourite hidden gem, Bar Gyoza Go! offers some of the best gyozas in Madrid. This cozy spot next to Plaza Mayor has a small menu with fantastic value, delicious dumplings. I like to take my order to go and eat it in Plaza Mayor (where a meal would cost 3x as much!)

Cost: 10 Gyozas from €5

La Parádita Tapas Bar – Tasty Tapas Without the High Prices

Madrid is famous for its tapas, and La Parádita in Lavapiés is a hidden gem where you can enjoy them without paying tourist prices. This small tapas bar serves up flavorful dishes, from Spanish classics to more experimental options.

Cost: Tapas from €3-€6

Budget Tip: Order a selection of tapas to share and keep the bill low while tasting a variety of dishes

Heladería Mamá Elba – Delicious Artisan Ice Cream

Craving something sweet? Heladería Mamá Elba is a must-visit for anyone with a sweet tooth. This artisan ice cream shop offers a variety of creative and delicious flavors, all made with high-quality ingredients. Perfect for a mid-afternoon treat!

Cost: Ice creams from €3

Churros at Chocolatería San Ginés – A Madrid Tradition

No trip to Madrid is complete without churros! Chocolatería San Ginés, the city’s most famous churrería, has been serving delicious churros with thick hot chocolate since 1894. It’s a classic, budget-friendly snack, especially late at night.

Cost: Churros and chocolate from €4

Budget Tip: Visit outside peak hours to avoid the crowds, and enjoy this Madrid classic without the line!

SHI-SHANG – Vegetarian Chinese Buffet

Looking for a hearty and affordable meal? SHI-SHANG is a mostly vegan Chinese buffet with a wide variety of plant-based dishes, from noodles and stir-fries to sushi. It’s an excellent option for vegans and vegetarians alike, offering an all-you-can-eat experience at a budget-friendly price.

Budget Tip: Go for the weekday lunch buffet for the best value

Final Thoughts

Madrid is a city that has something for everyone, and with a little planning, it’s easy to experience the best it has to offer without breaking the bank. Whether you’re catching the sunset at Tío Pío, indulging in delicious churros, or enjoying tapas at a local bar, Madrid is full of affordable and memorable experiences.

Pin this guide for your next trip!

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