Budgeting and Financial Management

Budgeting and financial management involve planning and overseeing how money is earned, spent, and saved. Budgeting is the process of creating a detailed plan that allocates income to various expenses and savings, helping individuals or organizations stay financially on track. Financial management encompasses monitoring actual spending, making informed decisions, and adjusting plans to meet financial goals. Together, they ensure responsible use of resources, avoid overspending, and support long-term financial stability or growth. Essentially, it’s about making smart choices with money to support your objectives and prevent financial stress.