Traveling Europe on a Budget???

how much would it cost for approx 2 months, on a really short budget?? I will be traveling with a friend this summer...... Are there any deals, passes etc that i should know about?
and I heard about eurail passes... Should i Purchase one... It is one of those free spirited trips, where ever we wind up going you know... So Eurail passes yes or no?....
Thank you so much, Ciao

700 eurail pass.
800 airline in the summer to amsterdam or london (from where I live).
50$ per day if always paying for accomodation....

wouldn't take much less than that.

yes, buy the pass.....

go to spain and portugal, they are super cheap (12 euro for hostel, 4 for good meals)

have fun

Have u decided what countries that u want to visit yet?If u havent best u google countries thats interests u most ( what attractions that u wanna see etc ),then estimate how much time u wanna spend there( So that in the end of the day, u wudnt be missin a place that u have always wanted to go visit or see.Make plans on a route that u wud wanna head to,coz u wudnt wanna overlap on ur journeys.Book ur hotels/hostels/pension houses.For good deals u wud need to compare prices online between the trains & flights.Some budget airlines can cost much less than trains, if u book early.It might take a time to google & compare prices but it wud be worth it if u book flights coz its time saving.Since u have so much time,u can actually explore quite a few countries at a go.U can start up North then head down South ie : Scandivania or London then head to Germany,Prague,Amsterdam,Budapest,Greece,Spain etc. Happy Hunting.

I'm considering going to Europe on a budget this summer as well. From the things that I have looked up so far getting a railpass is a good way to go. As for accomodation, hostels are the most affordable option. $50 a day seems to be a reasonable estimate as to how much you will need to spend a day, including accomodation in a hostel. From the information that I have seen online, Eastern Europe tends to be a bit more affordable then Western Europe. May I suggest Slovenia? It's a beautfiul country, and it's centrally located. From the capital Ljubljana you can easily get to Venice, Vienna, Croatia, Serbia, Hungary, etc...
Some links that have helped me in my search are:
http://www.hostelworld.com/
http://downloads.raileurope.com/journey/flash.html?pl=&tl=&section=

Happy travels!