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Budget

What is a budget?

Budget Definition: A budget is a plan that details how money is spent and allocated based on income and regular expenses and may include setting aside a specified amount for savings. Budgets are commonly used in individual households and companies over a certain period to ensure there is enough funding to support a project, home, or business based on incoming revenue or income.

It’s an accounting function that’s easily used with budgeting apps or spreadsheet software, where one or more people can factor in how to allocate funding, make changes, or increase spending or saving based on changing circumstances. Budgets help prevent over-spending and allow people to find a convenient, affordable way to save regular amounts of money towards short-term and long-term goals.

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