Accommodation: Surprisingly, staying in an Icelandic Guesthouse isn't as expensive as you think, and you'll find tons of articles out there highlighting some of the country's most affordable options. But that's not your only option when it comes to a place to plop your head. Renting a camper van offers great value, combining the convenience of wheels and a bed, but if you're feeling really brave, pack your tent and check out this list of campsites open all year round.
Alternatively, for a free stay, you could also look into volunteering opportunities or keep your eyes peeled for any house-sitting assignments. And sometimes, even a stranger's couch will do. Female travelers, take a look at the popular Facebook group called Host a Sister. It's a global network of women who offer their homes to other female travelers.
Food: Eating out is expensive in Iceland, so instead of forking out your life savings for a roadside burger, aim for hotdogs (they're much cheaper) or better yet cook your food back at your base.
If you happen to have a Costco membership from back home, you're in for some serious savings. Nothing says happy traveler quite like a 27lb bag of pasta! Save yourself some króna by also packing some tea/coffee and granola bars from your kitchen cupboard too.
Activites: Thankfully, Iceland's waterfalls, black-sand beaches, geysers and mountains don't have a price tag. And if you're experienced enough of a hiker, ditch the tour-guide and head out into the wilderness for a solo hike. This guide is a great resource for hiking in Iceland.
While the Blue Lagoon is the most popular, it's also the most expensive. Luckily, you'll find a whole slew of hot springs dotted around the country that are entirely free!
The island also has many caves, if you know where to look. And back in Reykjavík, consider a free walking tour with a local, it's a great way to delve into the country's history, and you might just make a friend or three.
