We'll propably won't be backpacking for the whole time there because after doing that in europe I realized repacking my bag every 2 days for almost 2 months is more than I can handle. I think it will be more of a "rent a place for 2 weeks" kind of trip. The fact that it is cheap is definitely a big reason why we chose to go there. I plan to spend about 500$/month as my cap (it could very possibly be less). That being said, I have lots of stuff to buy before I go. I don't have a decent backpack (going around europe with a suitcase was a pain) and my old laptop is on the verge of dying. Plus a bunch of little things I need to buy, but it adds up.
The thing is that it's only in January and since I go to school and don't work, I have to be carefull not to spend all the money I saved up in the summer. I definitely go out less now. I'm not broke or anything and still enjoy stuff, but I hate being low on money so I'm being more careful.