It is a tight budget but many people seem to be able to get by on it.
You will have to be very careful in the major cities and keep track on all your expenses so you can change some habits if you seem to spend more.
Specially alcohol and sightseeing-entertainment money will be a risk for your budgets.
And do take the link for couch surfing in case Europe turns out to be more expensive and you want to sleep cheaper:
http://www.couchsurfing.org/
This is an other site that claims to deliver cheap options:
http://www.crashpadder.com/
And if you are that tight on money you might consider not using an Eurail pass, there are cheaper options. Like bus travel: http://www.eurolines.com/
or organized hitch hiking: http://www.mitfahrzentrale.de/index.php?鈥?/a>
And remember that the fast trains require you to pay a surcharge on your Eurail ticket but that there are slower but free options for most travels too, the German rail planner can find them for you, when you select 'all without ICE': http://reiseauskunft.bahn.de/bin/query.e鈥?/a>
Honestly, the Euro is worth more than the dollar now. So $100 is about 68 Euro. Hostles are pretty cheap, most places I have eaten at are pretty pricey, from 7 euro up to 16 euro. Also, attractions and sightseeing can cost a bit sometimes too. Some places are free and otther cost anywhere from a couple euro to 15 or more euro. To be comfortable and enjoy your trip, I would take more then $100, keep the exchange rate in mind!!Can I get by with $100 a day in Europe?
Maybe in Montenegro, the hotels are 6-12 鈧?a night, the food is cheap, and it is beautiful :)
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