In Chile and Argentina, Spanish is the main language spoken. But, many students learn English in school, so you can find young people who know some basics of English but do not rely on this fact. Spanish is the dominant language here, so I used my Spanish with the locals, and thankfully they were able to help me with grammar corrections when I stumbled a bit.
Both countries use pesos, but Argentina and Chile have their own versions of the peso (known as the Argentine peso (ARG) and the Chilean Peso (CHL). The American dollar holds a lot of weight here, so even having $50 could last you a few days if you spend your money wisely!
In Buenos Aires - $2 The Argentine economy has been going through a lot of inflation, and the economy's status changes daily. Things are (VERY) slowly getting better, hence a small hike in price.
In Santiago - $2.50 The Chilean economy has not been doing so great, similar to Argentina, due to domestic political issues. I also bought a bottle of water in a very touristy area in Santiago, so they do hike up the prices quite a bit.
In Valparaiso - $1.20 Now this price is more common throughout Chile, as the AirBnB I shared with friends was in a more secluded local area.