When you budget for a move abroad, you anticipate and save up towards those costs. The travel community online often suggests from $5000 to $8000 USD per person as a starting budget to move overseas.
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If you don't go ahead and live abroad now as a 20-something, you likely never will. Learning how to fend for yourself in a foreign country will make you a more independent and autonomous person for the rest of your life. Everything is harder abroad, making the learning experience all the richer.
Travel is not age-specific, it will shower you with lessons and experiences at every stage of your life. I feel quite qualified to answer this question because a few years ago I quit my job, packed my life into a suitcase and travelled for 9 months. And I was 27.
For budget travelers, you can expect to spend around $50 to $70 per day in Spain, while mid-range travelers can expect to spend around $100 to $150 per day. It's important to plan ahead and research activities and costs to create a budget that works for you.
Yeah, comfortably! $5000 is not a low budget for a month, even for the most expensive countries of Europe. Since, you mentioned you would like to travel on a low budget, I assume you would be comfortable living in hostels/budget hotels and Airbnbs, if yes then this budget is sufficient.