Budget

Definition: A budget is a financial plan that allocates your income to cover expenses, savings, and financial goals over a specific period. It helps you track spending, manage money effectively, and avoid overspending.

Example: If your monthly income is $3,000, your budget might allocate $1,200 for housing, $300 for groceries, $400 for savings, and the remainder for other living expenses.

Learn More:

• Read our post on creating a budget that works for your lifestyle.