I am an 17 y/o male and have au$7,000. Now i have budgeted and this will pay for clothes, backapck, insurance etc. I plan to fly to London and go where i will until i get bored or decide its time to come home. How much money would be a good idea to have for when I get there? i also plan to cover all..or a lot of Europe as well. Are there also any tips for me as i have never left the country (not even with my family gasp i know shocking)

$7000 is enough to last enough for 3 weeks to a month, depending on how big a spender you are.
I brought with me $5000 and that was enough considering I got a job within 2 weeks of landing.
Don;t forget that you will have to pay a bond which will cost alot because its in pounds!
But hold on, are you working in Europe or just holidaying?

I have travelled to Europe many times and London is expensive, as is Paris, keep your time in these cities to a few days. $7000 is plenty to take with you, however, if you want to make your money last longer go to Eastern Europe; Poland, Czech Republic, Slovakia, Hungary and Romania. You will live like a king and 25 Aussie Dollers per day.
Go to a lot of the small towns in France and Germany, here you will get a true sense of the history of Europe.
For a great fun happening place to stay; Stay in Wombats Hostel in Munich.

I don't really have much else to add that hasn't already been said. But good you for getting out there and seeing the world! You won't regret it. I have the same problem as you every time I decide to go overseas: guilt trips and lectures from my family. I changed my mind so many times before I finally booked anything.
You will have a blast, don't let them worry you. :)

Will you be 18 when you travel?
If not, age can be an issue, as a minor, for some border crossings if your passport is checked carefully. And bet it can be...Also think about visa applications....

Thanks although your advice proabbly seems simple, it has been sooo helpful thankyou!!!
testmonkey: although you posted into the wrong thread it applys to me as well....but i have decided to ignore them (or at least pretend to consider them)
I havent decided yet, but I turn 18 in January so it is probably that i will turn 18 when i am over there. My (for all intents and purposes) brother-in-laws family has a place i can stay in London for a few weeks, 2 months.
No i definitly plan to work in Europe, but you know only since i was about 6! haha
cheers all

Just an advise if you stay longer in London try to eat at small pubs where the food is cheaper ,if you want to spend some more time Visit Greece , still one of the cheapest countries in Europe.
It's great you are getting out of the country and seeing the world. I'd say it is time to do a little research. Don't depend on other (even people as enlightened as we are here) to tell you what is important to see; what is important to YOU is what matters. Read all you can on Europe and find out the places that interest YOU. Once you narrow it down a bit, you can ask specific questions about certain places here and you will get some useful information.
Happy trails!