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Budgeting is the process of calculating how much money you must earn or save and spend during a particular period of time. It is basically a financial plan for a defined period. 3 types of main Budgeting are;
1. Balanced Budget
2. Suplus Budget
3. Deficit Budget
Budgeting is the process of creating a plan to manage your money. It involves estimating your income and expenses over a specific period, typically on a monthly or yearly basis. The main goal of budgeting is to ensure that you allocate your income in a way that allows you to meet your financial goals. That will help you to have a track income/expenses, a control on your spending, to set logical financial goals but also to prepare for emergencies and avoid debt by managing your finances effectively, you can certainly avoid accumulating high interest debt, which can lead to financial stress...
Budgeting is like making a financial plan for a certain period, such as a month or a year. It's about figuring out how much money you expect to earn and how you plan to spend it. By doing this, you can set goals, keep track of your spending, and make sure you're using your money wisely.It's like a roadmap for your finances that helps you make smart decisions about where your money goes.People, businesses, and even governments use budgets to stay in control of their money.
expense budgeting mean how much money you needed at the end of the month to paid your business expenses.
budgetinng and forecasting mean is future prediction about your expenses and allocation of resouces to achieve financial goals.
