Jason G. says saving dosh on lodging is easy:
I stayed in London for three nights for $0 by using accumulated hotel loyalty points. Members are often eligible for upgrades and other benefits like free breakfast if it is not already included.
Shannon suggests not being afraid to take the long way:
Find the cheapest European flight you can (in other words, fly to whatever is the cheapest city on the half of Europe you'd like to visit), stay a night there to rest and explore, then use Easyjet or Ryan Air to fly on to your city of choice very, very cheaply. It can end up being cheaper than just flying directly to the city you originally planned to go to, and you might discover a new place you like on the way.
And Braverlaw recommends you check with your bank before you board:
Contact your local bank before you leave to see if they have relationships with European Banks that will reduce the exchange costs. For example, Bank of American has a relationhsip with Barclay's in England, Deutche Bank in Germany, etc., that if you use your debit card in the machine, there is no transaction cost, just the exchange rate.
If all else fails? Just go to Guatemala.
[Photo: annia316 ?]