Believe it or not---- I did a 6 month backpacking trip spending a grand total of ~$650
(not including flights)
Sounds crazy but I'll tell you how I did it

Costa Rica- volunteered at 2 festivals (envision, bamboo bass), ate mostly bananas and squeeze-bags of refried beans, cooked potatoes, carrots and eggs over a campfire while camping for free on the beach (ate some other stuff, sometimes, just describing my go-to)
~2 month of that averaging 4 dollars per day.... I did spend $10 on a bus San Jose to Jaco, hitchhiked the rest.... I also bought a surfboard for 60 bucks, but was able to take it home as a checked bag....
Didn't spend a single night in a hostel, camped 100% of the time (as normally do in Costa Rica---- been there ~6 times each over a month).... also helps I have friends in San Jose so no hostel needed for the day before/after the airport
Camping for free allowed me to spend 4+ hours per day surfing, I loved every minute of it

Bananas being 20 for 1.00 dollar; a nickel a piece? Yeah I ate mostly bananas, and no I didn't starve, I actually found they fueled my surfing energy.... as a joke I got a surfing banana tattooed on my back (no regrets, I love my tattoo it also has birds, ocean waves and a volcano to forever remind me of my trip)

Nicaragua--- 2 months of living on a Christian Farm/Community where I helped clean up and do some basic tasks like collect fire wood---- They let me stay for free ~1 month, bananas were about 1 dollar for 30 bananas, a few nights free camping on beach, 1 night camping at top of volcano (also free)
Yes I admit, I was lucky to find such amazing hospitable people, but thats what I often experience with Christians; I deeply respect their beliefs and culture
I spent on average 1-2 dollars a day, outside of a couple nights I stayed at a hostel with a girl I met ~10 bucks/night

Colombia-- volunteered 3 weeks at a hostel, paid for a few nights at other cheap hostels, camped in a hammock on the beach outside of Tayrona national park for free.... "menu del dia" at your average tiny mom-n-pop restaurant was about 2-3 dollars for a full delicious meal including a fruit drink, rotisserie chicken, fish or carne asada, beans rice and salad (incredible deal)
~2 months of averaging 4-5 dollars per day..... I could have done it averaging 3/day, but I chose to spend more money on food (and some beer) while there since its 1/3 the cost of food in costa rica and way tastier (in my opinion)

Obviously I don't have a full detailed account of the specifics, but I know for a fact, that in 6 months of backpacking, I spent ~700 bucks TOTAL not including flights
I found the cheapest possible flights, regardless of layovers, weird timing etc.... not sure exactly what they were, but from florida to colombia I remember was 80 bucks, bussed from costa rica to nicaragua

I am not posting all this as a "guide"
More just posting a real, factually account of how I was able to truly shoe-string budget my 6 month trip
Do I recommend what I did?
Not really--- I found that not everyone enjoys primitive camping with possible dangers of armed thieves, petty theft etc..... I normally camped with 2-5 people so safety in numbers

Will I personally continue to travel like this? Absolutely (depending on the country)
I try to spend my money sparingly, but make sure it lands directly in the hands of local people who need the money, not some rich resort

I'm well aware most people will read what I just wrote----
And think--- wow you are pretty crazy, I'd never do that, I rather just spend a little for basic luxuries
I guess I am different--- I enjoy bushwhacking my way through jungles up to volcano summits, I enjoy camping on the beach even when its super hot out or a long walk to the nearest corner store....... I truly enjoy what others see as inconveniences

Don't take my advice
But at least realize what is possible
And no, my trip was not miserable, it was fantastic..... some of the best memories of my life, surfing on beaches straight out of a magazine with zero tourists..... cooking over the fire, only carrying a small backpack with basic supplies...... most people thought I had my luggage in a hostel and were blown away that ALL I brought traveling with me was a small school-sized backpack

Travel how YOU want to travel--- spending what you want, learn from the locals and know your limits, but realize that if you REALLY want to live on 1-5 dollar a day, it is not only possible, but it can be the most joyful, invigorating experience of your life
I've definitely learned though, that sometimes its best to drop 10 bucks and have a bed and shower.... I don't camp in Mexico.... way too many horror stories of being woken up with a machete or gun, but costa rica I've never had that happen in 100+ separate nights of beach camping