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A budget is an estimation of income and expenses over a set time. It is usually drawn up and re-evaluated periodically.
Budgets can be made for a person, a group, a business, a government, or anything else that makes and spends money.
A budget shows the trade-off made when one item is exchanged for another. The result is:
Drawing up a budget means you'll know where your money goes, and you'll have greater control over your finances.
Once a budget is set up, it is not always that easy to stick to it. But that doesn't mean you have to give up because you've failed once or twice.
Budgets are necessary for running any business efficiently and effectively.
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