If i were you - buy the tickets b4 you go so that this money is accounted for b4 you set foot on the island - thus cant be spent on anything else. Obviously that depends on if u wanna plan the nights out.
I would aim to have about £750 set aside for a week. Remember 3 nights clubbing will cost you roughly 100-120 euros straight away - about £100 i think. Also bare in mind the expensive drinks in the clubs.
I did £600 last year on 3 nights clubbing and 3 nights hitting different bars.
We just averaged 250€/day for 2 for our trip (or 125€/day each) (not including hotel and rental car)
The missus didn't go out every night though so that tips the balance a bit.
I'd say you could easily live on 50-100€/day for non-clubbing days and 150€/day on clubbing days (more if you want to add daytime partying). A night out at a club with 5 drinks is 60-120€, depending on the ticket price (20-40€) and your drink of choice (8-15€)
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