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What Is a Budget? Plus 11 Budgeting Myths Holding You Back
- Location: United States
What Is a Budget? A budget refers to an estimation of revenue and expenses that's made for a specified future period of time. Budgeting usually occurs on an ongoing basis, with individual budgets being re-evaluated regularly. Budgets can be made for any entity that needs or wants to spend money, including governments and businesses, people, and households of any income level. KEY TAKEAWAYS A budget is an estimation of revenue and expenses utilized by governments, businesses, and individuals of any income level. A budget is a financial plan for a defined period that can greatly enhance the success of any financial undertaking. Corporate budgets are essential for operating at peak efficiency. Aside from earmarking resources, a budget can also aid in setting goals, measuring outcomes, and planning contingencies. Personal budgets are extremely useful in helping individuals and families manage their finances.
Understanding Budgeting
A budget is a microeconomic concept that reveals the trade-off made when one good is exchanged for another. In terms of the bottom line—or the end result of this trade-off—a surplus budget means profits are anticipated, a balanced budget means revenues are expected to equal expenses, and a deficit budget means expenses will exceed revenues. These principles hold true whether the budget is intended for an individual, a family, or a company.
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