Keep in mind money for emergencies. You definitely need to have insurance on your trip.
Your flight home at the end will be very expensive. You can search online for deals, but they will always be for round-trip travel. One-way travel can often be as expensive as round-trip...so you'll need at least £400+ for your flight home.
Be sure to find out about working information in the countries you want to visit. Working for money while on a tourist visa can cause you to be arrested and deported. Australia offers a working holiday visa which allows a small amount of employment while on your trip...but you must apply for one (it's not the same as the electronic tourist visa). See the website for more info:
http://www.immi.gov.au/visitors/working-holiday/417/
As herewego said, £33 isn't bad for food and simple accommodations, but when you factor in transport (cheap between small towns, but expensive between large cities or across borders) and visas...it may be very risky.
Visas are another issue. Traveling overland, you MUST pass through Russia, Azerbaijan, or Iran. All three of these countries require a detailed itinerary and a letter of invitation. Russia is notorious for having a difficult visa to obtain, and is only valid for the dates you have hotel reservations for or the dates specified by a tour agency's letter of invitation. You can't book a hostel for two nights and get a 30-day visa, some people who try this may only get a visa valid for as little as 3-4 days! Plus, Russia is VERY strict when it comes to leaving by the date specified by your visa. Even arriving at the border minutes after midnight (when your visa is expired), you will be detained and forced to get a new exit visa (which can take 30 days). Azerbaijan requires a similar letter of invitation and the only way onwards is across the Caspian Sea, which you need to find a space on a cargo ship to cross and bring all your food, water, & toiletries for several days' journey (plus a visa for Kazakhstan or Turkmenistan, which also need a LoI). Iran isn't too bad for anyone except US citizens, but I think an Iranian visa must be acquired in your home country.
If you are truly interested in Asia, you may want to consider starting your journey in China, India, or Japan. Flying to Beijing or Mumbi may cost less than all the transport and visas needed to arrive there overland, minus the hassle of applying for those visas.
Or, since you only mentioned seeing E.Europe and E.Asia, you may want to consider spending time in E.Europe, then head to Moscow and board the Trans-Siberian RR which takes you to Beijing (but you'll need to get a Russian, Mongolian, & Chinese visa beforehand), but is still overland, memorable, and quite scenic. However, between the ticket and visas, it probably costs a little more than a one-way flight would (around £300). Unlike European trains, though, you need to buy tickets in advance for summer, they are like plane tickets (only valid for a particular train on a particular date and non-refundable if you miss it), and can't be bought directly online (you have to buy through a travel agency...especially to get a letter of invitation).
While you probably want to go slow and see/do things as you have the chance (which is perfectly ok), but you still need to do LOTS of research. Make sure you know how/where to get the appropriate visas, how the transport systems work in each country, which cities/regions are safe or not, common scams, how to deal with authorities, what not to say, etc. You should also find a small/compact basic phrasebook for the countries you want to visit, you WILL have to deal with authorities, bus/taxi drivers, ticket vendors, and others who don't speak English
Some good, basic info on individual countries can be found on the FCO's website:
http://www.fco.gov.uk/en/travelling-and-living-overseas/travel-advice-by-country/
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