Budget

A budget is a financial plan that outlines expected income and expenditures over a specific period, typically a year. It serves as a framework for managing finances, allocating resources, and making strategic decisions to achieve financial goals. Budgets can apply to individuals, businesses, or governments, helping to ensure that spending aligns with income and priorities. By establishing limits on expenses, a budget helps to control debt, promote savings, and facilitate better financial planning. It often includes categories for different types of spending, such as housing, food, transportation, and leisure, and can be adjusted as financial circumstances change. Overall, a budget is a crucial tool for effective financial management.