http://www.skyscanner.net/transport/flights/stn/blq/cheap-flights-from-london-stansted-to-bologna-international.html?oym=1405&iym=1405&rtn=1

London Stansted (STN) to Bologna International (BLQ) Ryanair

Tuesday 13th May -> Tuesday 20th May £23 each way = £46 per person

Airbnb https://www.airbnb.co.uk/s/Bologna--Italy?checkin=13-05-2014&checkout=20-05-2014&guests=2&room_types%5B%5D=Entire+home%2Fapt&price_max=106&keywords=%22single+beds%22&sw_lat=44.46549326007715&sw_lng=11.307151562666832&ne_lat=44.52939044414876&ne_lng=11.394012219405113&zoom=13&search_by_map=true

Twin beds: https://www.airbnb.co.uk/rooms/70366?checkin=13-05-2014&checkout=20-05-2014&guests=2&s=E8d-

£55 per night / £383 per week + £46 Airbnb fee

Return Rail tickets to Stansted are £14.50 per person

Total: £550