Budgeting and Cost Control

Budgeting is the process of creating a plan for how to allocate your financial resources over a specific period, often focusing on income and expenses. It helps individuals and organizations set financial goals and prioritize spending. Cost control, on the other hand, involves monitoring expenses to ensure they stay within the budget. This includes identifying areas where costs can be reduced without sacrificing quality. Together, budgeting and cost control enable better financial management, helping to avoid overspending, maximize resources, and achieve financial objectives effectively.