Reviews about vacations in Madrid indicate that it is possible to comfortably spend one day in the city for two people for 100-150 EUR. This amount includes:
A room for two in a hostel is a great option for a budget vacation: a fairly comfortable one will cost you about 50 EUR per night.
If you can't imagine a vacation in Madrid without visiting a restaurant, set aside 30-40 EUR for lunch or dinner at an inexpensive establishment. You can save money on the rest of the meals, preferring snacks in cafes or buying groceries in the supermarket. Thus, a meal for two people will cost you 50-60 EUR per day.
Most often, the cost of a two-person vacation in Madrid includes public transportation, excursions, and museum entrance fees. The budget depends directly on your plans: if you're going to walk around the historic part of the city on your own without visiting museums, you can forget about the above expenses.
Otherwise, you should buy a special tourist pass, which allows you to use different types of city transport for a certain period of time (up to 7 days). The cheapest one-day pass costs 8.4 EUR.
There's a way to save money on a cultural vacation, too - a special MadridCard allows you to explore all the major sights of the city, get discounts on restaurants, shows, tours and other services. A card with a 24-hour validity period costs 47 EUR.
As you can see, Madrid vacation prices leave room for maneuvering even for "budget" tourists!
