A minimal, analytically manageable Galerkin type model for convection in binary mixtures subject to realistic boundary conditions is presented. The model elucidates and reproduces the typical bifurcation topology of extended stationary and oscillatory convective states seen for negative Soret coupling: backwards stationary and Hopf bifurcations, saddle node bifurcations to stable strongly nonlinear stationary and traveling wave (TW) states, and merging of the TW solution branch with stationary states. Also unstable standing wave solutions are obtained. A systematic analysis of the concentration balance for liquid mixture parameters has lead to a representation of the concentration field in terms of two linear and two nonlinear modes. This truncation captures the important large-scale effects in the laterally averaged concentration field resulting from advective and diffusive mixing. Also the fact that with increasing flow intensity along the TW solution branch the frequency decreases monotonically in the same way as the mixing increases -the variance of the concentration distribution decreases -is ensured and reproduced well. Universal scaling relations between flow intensity, frequency, and variance of the concentration distribution (degree of mixing) in a TW are predicted by the model and have been confirmed by numerical solutions of the full equations. The validity of the model is checked by comparison with numerical solutions of the full field equations. PACS number(s): 47.10.+g, 03.40.Gc