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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.
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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.
A budget shows the trade-off made when one item is exchanged for another. The result is:
"Making money is art and working is art and good business is the best art." ~ Andy Warhol
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The main cause of a budget deficit is: spending more than what you're making!
However, when it comes to large scale-spending, like how the government spends, it can be difficult to track due to low taxes and high spending.
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