Budgets

A budget is a financial plan that outlines expected income and expenses over a specific period, usually a year. It helps individuals, businesses, and governments manage their money effectively by allocating resources to different areas, ensuring that spending does not exceed income. Creating a budget involves tracking expenses, prioritizing needs versus wants, and setting limits to avoid debt. By following a budget, one can save for future goals, prepare for emergencies, and achieve financial stability. Overall, a budget serves as a guiding tool for making informed financial decisions.