The standard costs of living in Denmark is high and the economy performs above the European average. Accommodation, food and transport are therefore relatively expensive in Denmark compared to other countries. However salaries and PhD stipends are correspondingly high, and services such as medical treatment are free of charge.
Below we have gathered some sample prices, but for a more detailed impression of living costs in Odense and Denmark, we suggest that you check out this page from NUMBEO where people all over the world share costs of living in different countries. You can also compare two cities with each other to see, where the living costs are the highest.
Housing/rent: EUR 320–540/month
Food and daily expenses: EUR 200–350/month
Bus ticket: EUR 3,30 per ride - or you can get a travel card (Rejsekort) that you can use to pay with on a monthly basis, so the money is withdrawn from your Danish bank account by the end of the month accordingly to how many times you have been taken the bus
Insurance (accident and personal belongings): EUR 270 /year
Estimated monthly expenses in total: EUR 600–900/month
1 Euro = approx. DKK 7.45
You can also take a look at International Community Odense's website to find more information about the living costs specifically for Odense.