If you’re short of cash, it doesn’t mean you have to starve the travel bug entirely; simply choose your destinations wisely. Europe can be pricey but there are many places where your money will go further.
There's only one catch, and it's a big one. Even with the euro and the British pound scraping against historical lows vs. the US dollar you still have to pay London prices once you touch down at Heathrow or Reykjavik prices when you pop by Iceland. And clearly if you were in the mood to scrape along like a peasant, you'd just apply to grad school.