It's summer, time to go on holiday. But if you are a student and you need to save money, the thought of traveling is always accompanied by the bitter reality of heavy expenses.

To solve this problem for you, following is a list of the nine cheapest places around the world.

The list, based on the annual Backpacker Index published by website Price of Travel, groups cities rated according to the price of one night at a hostel, three meals, two rides on public transportation, one sightseeing attraction and three drinks.

1. Cairo, Egypt ($23.03)

Beside being a fascinating city, home to the best Pharaonic sites in Egypt, Cairo is a great bargain for the budget travelers. It is one of those places with parallel systems, with luxury travelers having plenty to choose from, but where it is also easy finding good hotels and meals at very reasonable prices. Whether you're visiting the Giza Pyramids, checking thousands of ancient artifacts in the Egyptian Museum of Antiquities, taking a walk in the medieval markets by Khan El-Khalili or walking down the Nile promenade, in Cairo you never know what incredible monument you might stumble across while walking around.

2. Kraków, Poland ($25.08)

With a lovely historic city center, this is a destination that offers the best of classic Europe, with castles, towers, town squares, and cathedrals all at prices that are shockingly low, without the massive crowds you get in Prague or other capitals. In Kraków stands a great tourist infrastructure with several affordable quality hostels and hotels, along with cheap locals and restaurants. Those looking for a place to relax for a while will find this to be a fun and budget-friendly stop. Beers for under $2 per pint are hard to find in most of Europe’s top cities, but pretty easy to find here.

3. Bangkok, Thailand ($25.27)

Besides being one of the world’s great cities, Bangkok is also a great option for those looking for a cheap holiday. Its airport has good deals on incoming flights, and once you are here nearly everything is cheap by international standards. Hotels can be found for next to nothing, as well as transportation and attractions. And of course food is not only excellent in Bangkok but also famously cheap. Freshly prepared dishes from street stalls can be found all day long, with meals costing around $1, beside the fact that restaurants in the city do not charge more for a good service.

4. Mexico City, Mexico ($27.15)

For a tourist, Mexico City is far nicer than you would probably expect. The historic center is packed with great hotels and restaurants, while the district of Zona Rosa is more upscale and corporate. The Condesa and Roma districts are more artsy, so there are plenty of areas to choose from. Hotels and hostels can offer good value, food and drinks can be very cheap if you concentrate more on street stalls and places that cater to locals. Most of the main attractions are free or rather cheap. This is really a city where you can get by on nearly any kind of budget.

5. Budapest, Hungary ($31.65)

Another excellent travel bargain, Budapest is all-around cheap as long as you steer clear of the most touristy places along the river. Besides getting to visit historic castles and cathedrals, you can also get thermal spas that are super cheap. Hostels, in particular, are at great value, but you need to get a bit out of the center to find the cheapest options.

6. Istanbul, Turkey ($34.01)

One of the world’s great and historically significant cities, Istanbul has been getting more expensive over recent years, but the Turkish Lira has come way down again, so it's cheaper now than in the past five years. With its exotic-feeling temples, markets, cathedrals and other sights, once you get there, you will find that staying on a very low budget is quite easy; sandwiches and street food are as tasty as they are cheap.

7. Memphis, Tennessee, USA ($40.79)

On the bluff overlooking the Mississippi River, Memphis is Tennessee's largest city and the commercial and cultural center of the western part of the Volunteer state. The city is a blend of U.S. Southern tradition and modern efficiency, where aging cotton warehouses stand close to the sleek new office buildings, and old-fashioned paddle wheelers steam upriver past the city's signature landmark, the stainless-steel Pyramid Arena.

As the birthplace of Rock 'n' Roll, Memphis' cost of living index is 6.6 percent less than the state average and 16 percent less than the national average.

8. Thessaloniki, Greece ($41.28)

Drenched in the allure of antiquity, the port city of Thessaloniki is an affordable choice for those who are looking for a cheap but pleasant trip. Spend your days exploring the romantic remains of times gone by, feasting on the lavish spreads of the country’s culinary capital, sipping cocktails on the waterfront, or hopping on a ferry to cruise the harbor. Thessaloniki offers very good time to visitors and locals alike.

9. Lisbon, Portugal ($50.11)

Upon arriving in Lisbon, people are often shocked at how different it is from the rest of Spain's cities, and that it is even cheaper than Madrid or Barcelona. This historic port city is situated on seven hills overlooking the port area, so there are interesting contrasts no matter in which direction you are looking. It is loaded with fiercely competitive hostels, all of which rank very high on the different Best Hostels in the World lists. Hotels and food are also excellent bargains by European standards, and you will be impressed at how organized things are in that price range.