Budgeting

Budgeting is the process of creating a plan to manage your income and expenses. It helps individuals allocate funds for necessities like housing, food, and transportation while setting aside money for savings or investments. A budget provides a clear picture of where money is going, allowing people to prioritize spending and avoid unnecessary debt. Effective budgeting involves tracking expenses, setting financial goals, and making adjustments to ensure a balanced financial life. It’s a key tool for managing both short-term spending and long-term financial planning.