Give up your phone plan
It's better if you just a hotspot or Wi-Fi in a café to connect to the people at home. Thanks to WhatsApp and Facebook adding call and video chat features, you don't really need to invest hefty amounts in additional sim cards.
Download apps for budgeting
Budgeting apps help you in keeping a tab, even if it may be for the smallest of expenses, say even buying a subway ticket. Trust us, all those subway tickets, and small Knick knacks add up to a lot.
Use Public Transportation
Using public transport is not only cheaper, but also the best way to know about a city. Taxis are especially expensive, and a cheaper alternative could be to rent a car for a few days.
Drinks - Especially water!
Order drinks only in places where there are great discounts. Alcohol in some countries is not very expensive, so you could easily drink wine and beer. And if you are in a large group, see that you split all such expenditures with everyone.
Plan your destination first
First plan your budget, and then plan your trip. A small budget would mean less months in countries like Europe, but mean more time in probably South America.
Enjoy!