Living expenses in Argentina have risen steadily over the last few years making things a lot more expensive, especially in Buenos Aires. However, the good news is that it is still relatively cheap for those converting Euros, Dollars or Pounds into Pesos. Prices tend to vary between different parts of Argentina (and indeed Buenos Aires - the trendier barrios such as Palermo, Villa Crespo, Puerto Madero and Belgrano tend to be more expensive) - the north is certainly cheaper than Buenos Aires and the south of the country tends to be most expensive.
The following will give you a sense of your projected outgoings, taking a very rough average from eateries, bars, shops and other services in the capital: Eating out is reasonable and you can get a good meal for 7-10 US$. Drinks are fairly cheap with a bottle of beer or glass of wine priced at 2.5-3 US$. Going out can be a little pricier as many nightclubs charge an entrance fee of 7-8 US$. Public transport is very cheap with trains, buses and the underground charging approximately 0.3 US$ for a journey across the city (and to some destinations outside of the city such as Tigre). Taxis are clearly more expensive depending on the length of journey but not excessive if sharing with friends. Laundry services are not the greatest and usually charge around 3-4 US$ for a large bag of clothes. In the supermarkets, prices for groceries are slightly cheaper but not significantly different to those in the US and Europe (apart from beer and wine which is a lot cheaper).
In terms of travelling around Argentina, it's possible to get by on a budget of around 20-25 US$ per day but things clearly get more expensive when you add on excursions, tours or activities. When travelling in the south of the country, once again, you can expect to pay more.
TRAVEL IN ARGENTINA