You dont stay in Monaco, you stay in Nice and you catch the train in everyday. Get on early
Depending on how much fun you want to have, the hostels there are great, because everybody else is doing the same thing as you. Even all the cute girls
You'll pass the place i want to retire in on your train journey. Make sure you stop there and walk around, its utterly magnificent
You buy a different grandstand ticket for every day. Here your one ticket get you the same seat for four days, over there, you can buy a seat in a completely different end of the track. Like i did. I can PM you the best spots with TV's, because the track maps on the internet are bullshit.
Friday is an open day, i massively recommend walking the track, its all completely open to the public. The pits, the harbour with the boats, everything. The photos you get are unbelievable, the team operate 2m in front of you. I even met Jackie Stewart!
Don’t worry about having to bring food, there’s heaps there and its all cheap. The baguettes are 4 euro and its like they were prepared by restaurants, not Indians on uni holidays. No need to pack anything but sunnies, hat and maybe something to read.
... theres so much more, but im supposed to be working, so perhaps later