travelling europe on a budget?

i want to travell europe at the end of the year.. like over new year for about 4week.
i will on have about $5000, how far do u think that will get me. im from australia.
so any suggetions for travelling on a budget would be good

accommodation is the killer! It costs about as much if not more for accommodation than travelling ( I'm from NZ).. I was living and working in the UK so for me it wasn't so bad, but knowing the exchange rates the aussie $ does not go terribly far!
Hostels will be the best and cheapest option and you realyl have to share with others in dorms to get the cheapest. Try websites like www.hostels.com, www.hostelz.com, www.hostelworld.com or www.hostelbookers.com and see what the costs will be and maybe pre-book some...the other thing is that certain places and certain times will be more pricey so take those into consideration.

Some countries will be cheaper than others and it might be and idea to head to some cheaper places eg more east and south to get some releif from higher costs. I can certainly recommend Czech Republic, Croatia and Slovenia as places to see....they are going up in prices, but certainly easier on the money...I want to go to poland and Romania...where it would also be a bit cheaper.

$5000 might be a bit tight, I would have a backup plan ...I'm not sure if you have a credit card, but this might be a good option to have some money avaialable "in case of"or you find things are more expensive etc.
I personally did not buy much in the way of souveniers, except postcards and the odd small thing. This saved me money..they also fill up your bags, make it heavier or you have to send it which costs $$$ ( quite a bit at times..I think it cost me 50pounds to send stuff to NZ once!!!!)
Try going in the April or Sept which I think are the down times ( in april try not to go around easter too if its around that time!)
and maybe cheaper in accommodaiton, flights etc.
try www.skyscanner.net to see cheap flights and you maybe able to get around cheaper that train.
Buses can be cheap at times as well...I know that national express in the UK is linked to eurolines or something which buses around europe...try searching for them eg nationalexpress.co.uk or eurolines .com (?? for the latter) I got some really cheap buses to Ireland once from London eg 16 pounds! THat was 12 hrs and including ferry and had similar fares to Berlin ,paris.....if you go at night you can save on accommodaiotn costs!!!!

Do your research!!! THen see what there is, buy some travel guides and look at costs for food which will be the other main cost!