Travel in the off season. By traveling during the rainy season, October through April, there will be fewer tourists and prices drop significantly.
Find accommodations. The first step is to find a hotel because hotels are often the most expensive part of the trip. Hotels.com is the best place to find hotels because it lets you choose hotels that match your budget and it has a wide variety of options. For instance, Hotel Arqueologo is located 15 minutes from Cusco, Peru and 15 minutes from the train station to Machu Picchu. The address for Hotel Arqueologo is: Calle Pumacurco 408, Cusco, and the phone number is 866-925-4160. If you prefer a place nearer to Machu Picchu, Hotel Pachamama Inn is located right outside Machu Picchu and rooms are available starting at $35. The address for the hostel is Las Orquideas L- 5, Machu Picchu.
Travel to Machu Picchu. There are three ways into Machu Picchu: the train, the bus or go by foot. It's free to walk, but it's about a long hike, the bus is about $6 each way. The most common means of transportation is the train, which is about $70 round trip. There is also an entrance fee of about $44, or 122 Soles.
Pack your own food. Food inside the ruins is expensive, so even though outside food isn't technically allowed in, you'll want to bring some in to save money. It will also save you time, so you won't have to eat in a crowded cafeteria. Don't forget drinks.
See the sites. Machu Picchu is riddled with interesting sites. The Temple of the Sun is filled with close-fitting stones that form impressive walls and a beautiful stone staircase that leads down into the main plaza. The Moon Temple is a set of enhanced caves, used as a holding area for preserved mummies and areas of worship. An ancient drawbridge marks one of the formerly well-defended trails into the city. The Condor is also interesting, and though it's advertised as a temple, its construction suggests something more sinister. You can also see the temple of three windows, which is pretty much what the name suggests, and has an awesome view.