Budgeting is the process of creating a plan to allocate financial resources over a specific period, typically monthly or annually. It involves estimating income and expenses to ensure that spending aligns with financial goals. A budget helps individuals or organizations track their financial activities, control spending, and prioritize expenses by categorizing them into fixed (e.g., rent, utilities) and variable (e.g., entertainment, groceries) costs. Effective budgeting allows for better financial decision-making, promotes saving, and aids in managing debt. Overall, it serves as a critical tool for achieving financial stability and planning for future expenses.
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