Budget, or just cheap?
Define budget traveler first. Where do you want to travel? When?
Many people are looking at staying in hostels, bus rides and other ways to travel/stay/eat for $20-$30 per day. These days it's pretty hard to do that for international travel.
I myself, am a cheap traveler. I want as nice a hotel, airplane seat and food as I can get, on as little as possible. I travel close to 200 days per year, all on my own dime.
I'm currently at the end of a 26 night stay, at a 4 star hotel. The first night was paid (About $100), and the other 25 were "free" nights using points. About $25 in points each night. So 26 nights for about $1350 in cash/points. Plus I got back about $75 in points for the one night I did pay for, so $1275.
The hotel has a great breakfast, which usually ends up being brunch, so that's two meals a day taken care of. Another $10 or so each day for food, plus $5-$15 each day for buses, entertainment, etc. If I only take taxis it would cost me about $250 extra for my trip.