The Estonian currency is the kroon (EEK). One kroon is made up of 100 cents. Notes are in denominations of 500, 100, 25, 10, 5, 2 and 1 kroon. Coins are in denominations of 5 kroon, 1 kroon, and 50, 20, 10 and 5 cents (5 cent coin no longer made, but still in circulation).

Relative to most places in Europe, Estonia is an inexpensive place to live. A typical meal from a fast food restaurant costs 35EEK (2.23 EUR/$2.77); at a bar, a typical meal might cost twice that, about 75EEK (4.46 EUR/$5.54). Local bus and train travel is also cheap compared to other European countries.

One estimate of the cost of living for students indicates that the average salary in Estonia in 2004 was 6748 EEK per month (1 EUR = 15,6466EEK). The estimated basic living expenses - added to housing costs - are between 2500 and 3000EEK (160-200 EUR/$12.68-15.90) per month; a private flat in the city of Tartu costs on average about 5000EEK (320 EUR/$25.40) per month. In terms of hotel accommodation, the prices range from about 230EEK (14.65 EUR/$18.25) for a shared dormitory, to about 600EEK for a middle class single room; for a five star single room, the price is as much as 2700EEK (172 EUR/$13.65) per night.