Went last year. Get down to the booze store up the strip towards the supermarket or go down to the supermarket and get it all at its cheapest. Predrinking is key in malia! I literally spent €50 across the 2 weeks and stayed drunk. If I got dry in the club I just walked 2 mins to my apartment and topped up.
i went to malia last year and it was so much fun. i would definitely advise starting in heaven, we started there everynight and made the most of 2 triple vod red bulls, a fishbowl and a shot of sambuca for 5 euros, after that you can just make your merry way every where else! :P