A budget is a specific financial plan for a specified
Time
Amount
Reason
Goal
. It outlines how much money will be spent or saved during that time period, and for what specific purpose or goal.
A budget helps individuals and organizations track their income and expenses, plan for future purchases or investments, and ensure they are living within their means. By creating a budget, individuals can prioritize their spending, save for emergencies or big expenses, and work towards achieving their financial goals. It can also help identify areas where adjustments can be made to improve financial health and stability.