Budgeting and Planning

Budgeting and planning involve creating a financial outline for how to manage money over a certain period. Budgeting means setting limits on spending and predicting income, ensuring that expenses don't exceed what you earn. Planning entails setting financial goals—like saving for a vacation or retirement—and determining the steps needed to achieve them. Together, these processes help individuals and organizations allocate resources effectively, make informed decisions, and prepare for future needs, ultimately leading to better financial stability and success.