It can be enough for a week, but only if your accommodation is already paid for, or you are staying somewhere cheap. For food, local transport, drinks, and a few extras, 500 euros can work if you keep things simple.
It will feel tight if you want lots of taxis, excursions, branded bars, or eating out every night.
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Tenerife can be done on a modest budget, but the south resort areas are not always cheap once you start spending day to day. A careful traveller can make it stretch.
