I left for europe in 1998 with 3 grand, 4 months later I was down to about £500 so got a ferry across to north africa, then did just over a year on the £500
Europe is fecking expensive, even if you travel cheap.
As to what to take, took loads of shyte, then once i got into it, i only carried clothes, and a small radio. you really don't need much more than that and a book or two.
Better not to have a plan either, as you'll meet people that give you tips on were is cool at the time