Budgetary planning

Budgetary planning is the process of creating a detailed financial plan that outlines expected income and expenses over a specific period. It helps individuals or organizations allocate resources effectively, set financial goals, and monitor progress. By estimating revenues and costs in advance, budgetary planning enables informed decision-making, ensures money is available for priorities, and helps identify potential financial challenges early on. Essentially, it’s a strategic roadmap that guides how money is earned, spent, and saved to achieve financial stability and objectives.