I spent 8 weeks touring Europe (Ireland to Poland and back) this past summer. I stayed in hotels, but not in expensive ones - mostly 3 star places in smaller towns. My main criteria in choosing a hotel was security for the motorcycle. I ate in restaurants, however, I don't drink alcohol and simple food is OK for me, so that kept the cost down.
My expenses averaged USD 100 a day, including fuel and road tolls, admissions, entertainment, laundry, maps, etc. The bike was new so there were no maintenance related charges.
I travelled alone. If I had taken a passenger with me, the only additional cost would have been food for the passenger.
No matter how you plan it, it's going to cost more than you expect and more than you budget for. But, in the end, I think you will agree that it was worth it.
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