Guiding Questions
In this blog, we’ll explore budgeting and why it is a useful financial tool. Many people think budgets are restrictive, but they help with planning. Common questions include:
- What is a budget?
- Why do people use budgets?
What Is a Budget?
A budget is a plan that outlines expected income and expenses over a specific period of time.
Main Sections
A basic budget includes three parts.
- Income: Expected money coming in
- Planned Expenses: Expected costs
- Remaining Balance: Money left after expenses
Why It Matters
Budgets help people and businesses plan ahead, avoid overspending, and prepare for future needs.
Review
- What is a budget? A financial plan
- What does a budget compare? Income and expenses
- Why are budgets helpful? They support planning and control
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