Now this is a question that I am asked all the time and I did make a Podcast episode about it, but I will do my best to explain it in this post as simply as possible. Now to save you some time, the easy answer that I say for this question is €50 a day for the basics.
But lets break down the answer of €50 a day. When you are trying to decide how much money you need to travel there are 2 things that you should know, and that is that Accomodations and Food will be your biggest expenses. With that being said, where you chose to stay during your travels will increase or decrease your expense by a lot. And when I say where you stay at, I don’t mean the price of the hotel, but what are you comfortable with for accommodation. Meaning do you need to stay in 3, 4 5 star hotels? Airbnb apartments? Hostels? Because all of these change your budget by a lot. I personally believe that the more you are able to save on accommodations, the more things you can do and see with the money you have. For example hotels can range anywhere from 25-90 euros a night, whereas a hostel can be anywhere from 5-25 euros a night. So imagine the difference that makes on a 1 week trip. This is one reason that I recommend people to stay in hostels if they are on a budget, and also because if you are planning on really traveling then I doubt that you will be spending large amounts of time in your accommodation. The next biggest expense as was said before was food, so by cooking and not eating out at restaurants for every meal you will save a lot!
So next thing that is important to understand when trying to decide how much you will need to save will depend on the country you will be going to visit. For example Iceland, Norway, Denmark, Finland, Switzerland are places where the average monthly income is very high in comparison with other countries, so the costs of things there will reflect that, so make sure to take that into consideration. Other places such as Spain, France, Germany will be pretty average prices, so 50€ should get you through a day pretty easily. Now countries east of Prague, such as Poland, Slovenia, Ukraine and Montenegro will be much less expensive because the cost of living there is pretty low and the prices will reflect that as well. Now outside of Europe, Australia and UK are pretty expensive compared to the EU average, but Thailand, Indonesia and places like that will be well below the EU average. So by just doing a bit of research you can find if you will will need a little more or a little less of that €50 a day average. (And just a little bonus, if you travel in the offseason, you can save almost half the Monet you would spend during peak travel city.)
Last thing you should know about the €50 average, that is the on-the-ground cost of traveling, that does not include the visa and transportation cost of getting to your destination. So I hope this info will benefit you all, and thank you for taking the time to read. Have a great trip!