This is hard to say, my budgeting revolves around whether I have any work lined-up in a new location. If not, then I work hard to build up a travel fund and allow for contingency plans. I like to overcompensate rather than to underestimate when it comes to money.
There is always a hidden cost, whether it is medical cover, specialised insurance for you and/or your gear or the cost of visas or local taxes. This may sound like a bit of downer and not the ‘digital nomad’ attitude to exploring the world, but for me planning is vital. If I can minimise unforeseen expenses as much as possible, then I am more likely to be able to sustain this lifestyle, which at the end of the day is the end game. As with most things in life, travelling is as much a personal journey as an actual one, with more experience you start to understand, how you can minimise your expenses and improve your experience.
Wise investments: Investing in good quality products, that aren’t going to break on you a few weeks into visiting a new place means, that you’re not having to replace products as often and by the same token, you shouldn’t have to carry as much stuff with you. Hopefully this will lower your mental baggage of things to worry about as well as your physical baggage. I love enthusiasm and spontaneity, but some sensible budgeting can go a long way to keeping you out of the red and out there exploring.