Well of course:

-Use hostels, the ones with big ass rooms. I used the site www.hostelworld.com when I was traveling, it was really helpful. One night varies from 10 to 20 euros, but it's the cheapest you can find.
If not, try using couchsurfing, basically you stay in strangers houses and it's free. www.couchsurfing.org. Also it's the best way of finding parties. You euros sure know how to party.

-For food, don't eat in restaurants, at all. Buy your food in supermarkets and groceries stores. The Kebap is a fucking insitution in europe and are fairly cheap.
Only eat in restaurants if you want to have the luxury of doing so. If you don't spend $100 euro in a french restaurant you suck. (jk)

-For traveling, use an Eurail pass, I used the 2 month ticket. If you plan visiting many countries, the Eurail is your best choice, basically its unlimited train travel. If you plan visiting few countries, sometimes plain tickets are cheaper than train tickets (wtf). Always move through subways and such. It depends on the country, but buses and rails tend to be more expensive.

-If you plan visiting museums, those are fairly cheap. Be sure to have a student ID, passport or something, sometimes they do discounts.