It rained hard until about noon and then the sun came out. I went down to the beach and started walking toward Sveti Stefan which is about seven kilometers away. I bought a sandwich from a bakery along the way and ate it for lunch while walking.
The trail isn't straightforward and there are several tunnels along the way. You also have to go through some hotel properties and it's hard to tell if they are private entries or not. There are about four other beaches along the way and some nice scenery. There are a few places where the path has been washed out and there are signs for the detours. It took about two hours to reach Sveti Stefan.
The scenic Sveti Stefan islet is actually a high-end resort and access is controlled. You either have to stay at the hotel or make a reservation at the restaurant to enter. There is a guard shack at the bridge.
After taking a few pictures, I walked up the hill and caught the bus back to Budva. The Mediteran Express bus leaves from Map Location: 42.258003, 18.895335 and there are several other stops up the hill on the way to the highway. One of the photos is of the bus schedule. In Budva, the bus terminal is at Map Location: 42.281974, 18.835881 .
The best views of the Sveti Stefan islet are along the highway but I didn't see any way to get there without a car.