Holiday how much should i take?

me and my friends are going on holiday at the end of august to either: Tenerife (Playa de las americas) or to ibiza (san antonio). were self catering and plan to buy all our food and alcohol from a local supermarket. Were going for 7 days which obviously a day and a half goes towards traveling e.g. airport etc. We... show more me and my friends are going on holiday at the end of august to either: Tenerife (Playa de las americas) or to ibiza (san antonio). were self catering and plan to buy all our food and alcohol from a local supermarket. Were going for 7 days which obviously a day and a half goes towards traveling e.g. airport etc. We dont need to afford taxis or anything as were located near the nightlife, we plan to drink our alcohol from shops and then go to clubs and just buy a few.

So how much per day will we need for ibiza or tenerife?
overall are flight and hotels that we like are in the 250-300 price range, for all inclusive its about 450-500, would it be cheaper for all inclusive?

Thanks for your help :)
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