LOCAL

After three years topping the charts of the world's most expensive cities, Moscow has a gold-plated reputation for burning through your cash faster than an investment in Iceland. During the boom times, the Russian capital was the go-to location for anyone with cash to splash - especially if they wanted an enthusiastic audience to cheer them on while they flung around banknotes like confetti. Frugality and subtlety were so 1990s, conspicuous consumption was the new black.

But, with the credit crunch nibbling at the heels of the high-rollers it's time to look at how to have fun on the cheap. Just because oil prices are barreling downwards doesn't mean we have to peddle pirogi in the perekhod to keep going. Now is the time to discover cut-price Moscow with the bargain hunters' guide to the metropolis.

Transport:

If the chauffeur has been laid off and the dark-windowed ZiL has been auctioned on eBay, panic not. Public transport in Moscow is among the cheapest on the planet. In London, downsized bankers will be forking out the equivalent of 225 rubles for a one-day central travel-card: the same money takes you much further here. The only downside is that everyone else is doing it - the architectural splendor of the Metro is harder to appreciate when shared with 9 million fellow passengers a day.

Entertainment:

Live music doesn't have to mean shelling out 1,500 rubles to hear a superannuated western band perform in an aircraft hangar. Nor need it revolve around investing the GDP of a small country in an outfit capable of seducing feis kontrol and earning you the right to pay punitive bar tabs. For high art, start at the Conservatory. Skip the big-name artists in the Grand Hall, look out for the student festivals next door and hear the next generation of Russian talent for nothing. Alternatively, grab a stalls seat for any of the college orchestras for less than a lukewarm lager in your favorite ex-pat bar. Rock lovers needn't miss out - a slew of underground venues such as Proekt OGI specialize in interesting local bands from about 250r, while the Bilingua café often runs free gigs on Tuesday evenings. Even Russian teeny-pop will strut its stuff for free - Saturdays and Sundays see afternoon gigs and signing sessions by the perkiest purveyors of plastic pop at Gorbushka's gargantuan music market.

The traditional Russian arts of opera and ballet also boast some bargains: gala performances and star names bring stratospheric prices, but long-established productions at the Bolshoi can be seen for just 300 rubles in the stalls. Or, for a different take on the classics, try the Helikon Opera. In their cramped home on Novy Arbat director Dmitri Bertman has produced award-winning reinventions of a range of famous and obscure works. Tickets from 150r

Sport is another great opportunity. Moscow's football season may be almost over but the new look Kontinental Hockey League features many of the best players on ice. And with tickets to see Dynamo, Spartak and world championship-winning coach Vyacheslav Bykov's CSKA starting at 250r, its rather cheaper than seeing Roman Pavlyuchenko trying to haul Spurs clear of the Premiership trapdoor at GBP53 (2385r).

It's also possible to get out and do it yourself: rates for adventurous sports are among the cheapest in the world, with Kolomna's Aerograd airfield earning a reputation for being one of the most affordable parachuting zones in Europe. You can throw yourself from a plane for as little as 580r. And while mirrored gyms will slim your wallet faster than your thighs, cut-price local pools and sports hall abound.

Sights:

To see the sights on a budget it helps if you have a visa which shows that you work - and pay taxes - in Russia. That way you can get into museums and galleries at the local rate, not the foreigner one. At the Tretyakov Gallery this is a 66 percent saving. Even without a kopeck, there are still things to see. Red Square's grandeur is open to all, and Arbat and Chistoprudny Bulvar are popular hang-out spots whatever the weather. It's no surprise to see groups strumming guitars, singing and sipping a beer, even in winter. Just remember that drinking alcohol in public is now illegal.

There are impressive free museums as well, with the former home of writer Maxim Gorky on Ulitsa Malaya Nikitskaya standing out. The beautiful art deco mansion, designed by Fyodor Shekhtel, would be well worth a visit for the building alone, regardless of its literary connections. Meanwhile, near Kurskaya metro, Vinzavod contemporary art centre offers ever-changing shows from a dizzying array of exhibitions, ranging from the profound to the perverse, but never shocking to our financial senses.

Other highlights include the city parks, from the explosion of Soviet-era chic at VDNKh to the semi-wild woods of Ismailovo. Some, like Tsaritsyno, have enjoyed major investment in recent years as Russia seeks to rebuild its past; others like Fili remain largely untouched - a haven for dog walkers and volleyball players.

Food:

Haute cuisine is out, McDonalds is in. Along with Stardogs, Kroshka and an assortment of dodgy kiosks that look far more appetizing when you've staggered off the last metro. But cheap doesn't always mean junk. The ubiquitous ‘Bizniz lanch' menus around town offer a tantalizing taste of the big boys' food at low prices. Even a place as flashy as the GQ bar offers a set menu for 900r; No 1 Red Square cuts the cost to within 500r.

For cheap eats anytime, the Mu-Mu and Grabli chains are a good bet, while Kruzhka's bright orange beer taverns offer a nul-pyat for 45r. A real one-off, vegetarian place Jagannath is an unexpected find on glamorous Ulitsa Kuznetsky Most. Healthy, cheap food in the heart of town.

Shopping:

If you can't afford a big night out, the epic electronics market at Gorbushka (m. Bagra­tio­novskaya) offers everything you could want for a big night in. There's a vast array of cheap CDs and DVDs on the first floor, and any number of different machines on which to play them in this converted factory. With CDs starting at around 100r, it may not be wise to ask exactly where all of them come from. For souvenirs, Arbat is the place to browse, but more stalls, greater variety and lower prices make Ismailovsky market (m Partizanskaya) the place to buy. Meanwhile, if Russia has inspired you to take up some winter sports, the two discount Sportmaster stores (m Savelovskaya and m Leninsky Prospekt) offer good prices on skis, skates, snowboards and related kit.

Where to stay:

Moscow suffers a shortage of low-cost places to sleep - especially in the centre. But one option is the dormitory of the Arbat-based Sweet Moscow Hostel. Basic accommodation, but right in the heart of the city, starts at less than 20 euros per person per night.

Elsewhere big monolithic Soviet-era hotels like the Ismailovo (m Partizanskaya) offer low rates for basic facilities. Further out, try the likes of the Gostinitsa Universitetskaya (m. Uni­versitet) or the cluster of candidates in the north at Vladykino. The Sherston, Voskhod, Altai and Vladykino all offer competitive rates to compensate for long metro rides. Doubles typically start from $120, though the Sherston offers some at $91. The cheapest single rooms are at the Voskhod ($50).

By Andy Potts