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Please advise on Eurotrip budget

I hope in the future they make a forum for budgeting and monetary purposes, but until then, I this works just fine. I plan on going with two of my buddies to Europe in May 2012 for 37 days, and I’m curious to exactly how much we each need to save up. My budget so far is:

$1400- Flight to Dublin and from Madrid
$800- Eurail Pass
$150- Backpack
$740- Food ($20 p/day x 37)
$800- Hostels ($25 p/night avg. x 33)—-Staying with friends for few days
$700- Spending Money

Total- $4,590

Please let me know if this budget is too high or low so I can begin saving accordingly.