Best Way To Travel Through Europe On A Budget?

I want to go to the following places:
Prague
Vienna
Geneva
Paris
Amsterdam
Berlin
Probably in that order, that way I can go in a circle. What is the best way to travel? Eurorail?
I have stand-by tickets to-and-from the US and I plan to stay for at least a month.
I’ve never backpacked through Europe, but I’m experienced in the ways of the backpack.
How much should I plan to spend while I’m there, including inter-city and inter-country travel?
Tell me everything you think I should know to backpack through Europe including Hostel suggestions for the above mentioned cities. It would be of much help. Thanks!!
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