On an average expect to spend the following per day, $125 (budget hotel) + $100 to $200 (day tour) + $50 to $150 (food) = $275 USD minimum I stayed at a mid budget hotel in Iceland on all of my trips, and traveled during the slow months/off-season. Typically, price range for a 3 star hotel is $125 to $175 USD per night. It is totally possible to get a decent accommodation in that price range in the capital city of Reykjavik.  Round trip airport transfer is around $55 USD per person. Day tours are typically in that price range. You can spend more and book snowmobile or ATV tours or private tours if you like; but a small group tour to the natural sites will be around 100 to 200 USD.  Geothermal spa/lagoons/nature baths - starts at $30 USD (cheapest tickets). Popular spa will be around $80 to $100 USD (+ add-ons).  Hotels + Tours is something you can always book and budget for in advance. Plus your flight tickets.  For food we recommend making a budget and also be open to move it up a bit, especially if you are a foodie.  You can stay under budget by doing groceries (all accessible without a car in Reykjavik or Akureyri) and choose healthy and affordable meals.  Food: $5 to $30 USD (street food to sit down restaurant) Drinks: $6 to $20 USD (lattes to cocktails, the latter are very expensive)  Eating out everyday will be expensive. During my 10 day Iceland trip, I paid for breakfast in the hotel room rate (in Reykjavik it was included), and for lunch I had a snack packed from the grocery store.  I did spend a lot on coffee (I really love my mid day caffeine, but you don’t have to).  My dinners ranged from a hot dog to Arctic char, salmon and traditional lamp soup - depending on the day.  This combination of fancy and non-so-fancy meals helped me to stay under budget and yet try out new things. Oh and I also did a food tour, which was my dinner!