the whole thing cost me around 7-8 grand. you can definitely do it for less, but my group was the kind that liked to hitchhike into town for beers and wings whenever we could (about once every 7-10 days usually).

It was a 6 month trip so cheap compared to living somewhere (with rent and all) but generally people think it will be cheaper. Food adds up when you are eating ~5k calories a day!