That's why, unless you are from the US and don't want to use Pesos due to unfamiliarity, I would always recommend that you use Pesos.
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If you are extremely budget conscious, you might be able to get by on 2,500 to 3,000 pesos (not including lodging expenses). On the other hand, one could easily spend 15,000 or more. It depends on where you eat, what you drink and the activities you enjoy.
Pesos, being the national currency of Mexico, will be accepted absolutely anywhere. US dollars will be accepted throughout the Cancun Hotel Zone, but the further you venture into 'real Mexico' the more problems you may find in using USD for everyday purchases.
Before your trip, exchange money at your bank or credit union, which likely offers better rates and fewer and/or lower fees. See if your bank or credit union will buy back any leftover foreign currency for when you return.
Preparing your travel money options beforehand is the key to a stress-free vacation. Credit cards, debit cards, prepaid travel cards and cash are all accepted in Mexico. Outside of a few purchases like transportation fare or local shops, a credit card will be your best bet for everyday purchases.
If you are using cash, always pay in pesos. If you pay in USD, restaurants and shops will take advantage of the exchange rate and it would be 10–30% more expensive for you. If you are using credit or debit, the difference could be less than a 5%, depends on your bank.
The best place to change travelers checks (does anyone still use those?) is at a money exchange place or 'Cambio' in downtown Cancun. The Cambios in the Cancun hotel zone normally offer an inferior rate but may be more convenient. There are many of these in the main shopping areas.
Hotel Resort Fees Can Be Hard To FindA hidden cost that is becoming more popular in Cancun is the resort fee. Resort fees can be sneaky and often won't show up when looking at hotel pricing. It is always wise to check the fine print or contact your hotel to determine if you will be charged a resort fee.
I agree with $1,500-$2,000 with the activities you are planning. I usually bring the equivalent of $500 USD converted to pesos, along with another $1,000 in cash. If you estimate $100 per person per excursion (some will cost more, some will cost less), plus extra for tips and souvenirs, you should be good.
It's up to you how much you tip, but the recommended amount in Mexico is between 10% – 20% (15% is a good standard in tourist areas) of the bill or ticket price.
In restaurants 15% is considered the norm. Many have carefully calculated formulas regarding tipping at all-inclusive hotels, such as a dollar every drink and $5 to start and finish their session.