Madrid is a wonderful place and the dream city for many international student willing to study in Spain.
Among its major advantages are the quality of teaching, with numerous and diverse programs, the immersion into the Spanish culture, the remarkably low tuition fees, and the enjoyable Spanish way of life with the pleasure of going out, whether it’s the food, the culture, or the nightlife.
As in most of European capitals, the cost of living in Madrid can be higher compared to other cities in Spain. Talking about an exact amount of money to live in this city is impossible.
The cost of living in Madrid varies depending on many factors : the area in which you stay, the type of accommodation you live in, your monthly expenses,
In this guide, we will help you to manage your budget to go and study in Madrid.
What is your Initial budget ?
The first question to ask you is your initial budget.
When applying for a student visa, the Spanish government requires you have sufficient financial means for your expenses during your stay. The Spanish government determines this amount based on the Public Income Indicator (IPREM). It will be around 600 euros per month.
In addition, you must include in your initial budget the cost of tuition for the course you want to take. For example, if you enrolled in a public university, you must pay between 600 and 2,000 euros per semester.
Also, you must include the cost of airline tickets, this will depend on the country in which you live, the time in which you travel, the airline where you bought the tickets, among other factors.
How can I best manage my budget ?
1/ Choose your right accommodation
Your cost of living in Madrid will depend on the accommodation you live in. Therefore, it is important that you choose wisely the area and the place where you are going to live.
> Choose the right place to stay
Your main cost of living in Madrid will depend on your rental. Living in the center than living in some suburb a little outside the center.
A flat in the center will cost between 900 and 1200 euros a month. If you decide to live on the outskirts, you can get a nice place between 700 and 800 euros a month and use the transport network to move from one place to another.
> Choose the type of accommodation you will live in
This factor will greatly modify your cost of living in Madrid. The most common option for students and young professionals is to rent rooms in shared flats. The cost will be lower as all expenses are shared.
A shared room in the city center can cost between 450 and 700 euros per month. But, if you don’t mind living a little further, you can get a room, just as comfortable, between 280 and 400 euros per month.
2/ Calculate your extra monthly expenses
Once you have calculated your accommodation payment, you also need to budget food and transport.
Food in Madrid is not that expensive and it is that to make a basic purchase for the whole month you will need approximately 50 euros. If you like to eat on the street, go out for a drink at night, your expenses will go up a lot.
Transport cost in Madrid
Another factor that you must take into account to calculate the cost of living in Madrid is transportation.
If you want to travel by metro, you can buy a single ticket for a cost of 1.50 euros, which allows you to make 5 trips; or a ticket, which has a cost of 2 euros, to make 10 trips to any point in the city.
You can also benefit from the Spanish government multi card, which lasts 10 years and costs 2.50 euros. With a simple top-up, you can purchase a single ticket or a ticket to make 10 trips.
If you prefer to travel by bus, you must pay 1.50 euros for a single ticket.
You can also use your multi card. So, when you buy it, you can get around by metro or bus.
3/ Find an internships
For all students with a tight budget, an internship could be a good issue to improve their incomes. Students are allowed to work up to 20 hours per week in Spain under a student visa. Any student with a student visa can work up to 4 hours per day on a special work permit and full-time, up to 3 months, during school holidays.