The cost living in Valencia is among the lowest in Europe - a feat it has in common with many Spanish cities! From the very reasonable public transport prices to the downright cheap food and drink available across the city, you can live here without your parents remortgaging their home to cover your expenses ;)
You can reasonably expect accommodation in Valencia to come to €400-600 per month, including rent, bills and internet. The first month will be higher, since you’re likely to be covering a deposit in addition to your first month’s rent, as well as buying toiletries and lamps and all those things that you need in your room. If you manage to get a shared room for a good price, that number could drop to around €400 euros a month, so you really can save a lot here compared to other cities.
As far as groceries go, the average student will probably spill around €200 per month, or €50 a week. If you don’t have a bodybuilder’s need for loads of meals every day, then you can probably get by for under €40 a week, with a good amount of planning and strictness. Assuming you make the most of your time and eat out a few times a month, you could probably say €300-350 per month on an enjoyable amount of food, beer and wine.
A fairly popular option is to use the city bikes to get around town. These cost €25/year, but only the first half-hour of every journey is free. You can use a bike for 29 mins, dock it, then take out a new one (or the same one) for another free 30 mins. If you can always stay within the time limit this is pretty convenient, but it can get expensive if not.
As for the metro and buses, you can get a 10-trip card for €8-10, so usually under €1 per journey, which is pretty good. There are various monthly subscription options as well, which can work out cheaper in the long-run if you’re a regular user.