Budgeted £42k ended up costing £60k for us both. I know some people which did it for a lot less (like half) but we didn't want to miss out on various things as we went.

We stayed in a lot of hostels, along with some guest houses, Airbnbs, hotels but the majority of the time it was something in the cheaper end of the spectrum.

We initially budgeted £10 food, £5 drink and £5 activities per day, and kept quite a lot of records at time, but ultimately we just ended up feeling "it is what it is". We made the active decision to just make the most of the trip and overspend. For a reasonable number of days we could average out towards our budget but we found fairly regularly there were bigger expenses for activities which would blow the budget and we neither wanted to miss them or do nothing for the next fortnight! Once you have committed so much, it sort of feels like it is better to commit a bit more and make it awesome (£60k spent on awesome seemed better than £42k spent on okay).

Before leaving I ran a couple of companies, one which employed 12 people and another which was contractor based. I wasn't wealthy (at least not by the standards set in the UK if you speak to a financial advisor) and £60k was a large amount of money for me to spend (a very large amount). But all things going well with life, you earn it, you spend it, we decided we wanted to do some of that spending earlier in life whilst we could enjoy it.

Since then... I have had heart ops, a blood clot on the lung, my partner has developed ME/chronic fatigue syndrome... COVID19 has engulfed the world. Needless to say we are glad, thankful and lucky we did what we did when we did!