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Euro trip College Student

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Hey me and my friends are traveling to Europe for two weeks, We are going to Sweden, Amsterdam, Prague, Budapest, Berlin and maybe Vienna. I was wondering if anyone could give me insight on how much to budget per day (per person) for fun. To clarify, we are college kids and will stay in hostels, an can eat the cheapest food no problem. We are thinking of around 120 per day per person. We want to see the city (we can walk ) and just explore the youthful fun of each place. Alcohol is a must, seeing as we would like to heavily drink for a large portion of our trip. So, strictly speaking, for hostels, food, and alcohol, is 120 per day per person reasonable? Also, is it plausible to buy a bottle and drink it amougnst ourselves to save some money?

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