Whichever way you choose to finance your trip, how far your money goes will depend on which countries you intend to visit, how (well) you intend to live, and the activities which you undertake whilst there.
If you are on a modest budget then don’t spend all your money on expensive gear. You will be constantly worrying about having it lost or stolen, and you probably won’t have enough left for food and accommodation. In many cases you can just take what your already have. See the ‘Packing’ section for hints on what to take and what to leave behind.
To make your money last longer you can (obviously) sleep and travel by the cheapest means possible, do lots of hiking, and limit yourself to free activities (for example, looking at the outside of famous buildings and monuments but not paying to go inside).
But bear in mind, if you do choose to live on a shoestring, you will always come across unexpected situations where you will want (or need) to pay for things.
For example, you would expect that something like the famous Meteor Crater, a 4,000 ft diameter hole in the middle of the Arizona desert, would be easily accessible for viewing (as it was in the movie ‘Starman’), and therefore, free.
However, when I arrived there I found it was completely fenced off and run as a privately owned and managed “attraction”, and inaccessible if you didn’t pay the $15 admission fee.
So keep a small emergency fund for these unknowns so you don’t miss out on things you always wanted to see, or return from your trip owing money.
Doing this should help you avoid the usual budget traveller’s mistake of spending a lot at the beginning of a trip, less in the middle, and next to nothing near the end.
However, avoid trying to live too cheaply all of the time as it is almost always a false economy. You may save money by staying in the the cheapest hotel and eating at the cheapest restaurant, but you may also end up living in the worst part of town in a terrible place, and you may get food poisoning or even mugged.
And hotels can be a lot cheaper than you think, especially if you book them at the last minute. I regularly use 
priceline.com to book hotels and I save up to 50% on regular room rates and have stayed in some very nice hotels for very little (sometimes for not much more than at a hostel).
In general, try to play it by ear and be a little flexible. Pay only a little extra and you might get great accommodation with nice views and excellent food.
After all, one of the best things about places like France (and more so nowadays, the UK), is that you can eat at some of the world’s finest restaurants.
Remember, this may be the only time you visit the places to which you are travelling, so don’t spoil it when a small amount of money could make a big difference.
