The methodical process of preparing and managing one's finances is
budgeting. To reach financial objectives, it entails putting up a thorough breakdown of revenue and expenses. Individuals and corporations may make informed decisions, set spending priorities, and save money for the future by keeping track of where money is made and spent. Budgeting encourages wise money management, prevents overspending, and lowers debt. It enables people to effectively manage resources for everyday needs, investments, or leisure pursuits. Budgets should be regularly reviewed and modified to provide financial stability and to help achieve both short-term and long-term goals.