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Budget

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 26 Apr 2023

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Budget

A budget is a financial plan that outlines how an individual or organization will allocate their income and expenses over a specified period of time. It is a tool used to help manage finances and ensure that money is being spent in the most efficient and effective way possible. Budgets are typically created on a monthly or yearly basis and can be used to track spending, set financial goals, and plan for the future.

History of the Term

The concept of budgeting has been around for centuries, with the earliest known budgeting system being used by the ancient Egyptians. The term “budget” itself is derived from the French word “bougette” which means “little bag”. This term was used to describe the small bags of money that were used to pay for goods and services. In the 18th century, the term “budget” was used to describe the financial plans of governments and businesses. Today, budgeting is used by individuals, businesses, and governments to manage their finances.

Comparison Table

Type of Budget Time Frame Purpose
Monthly 1 Month Track Spending
Yearly 1 Year Set Financial Goals
Long-Term 3+ Years Plan for the Future

Summary

Budgeting is an important tool for managing finances and ensuring that money is being spent in the most efficient and effective way possible. It has been used for centuries by individuals, businesses, and governments to plan for the future and set financial goals. There are several types of budgets, including monthly, yearly, and long-term, each with its own purpose. For more information on budgeting, visit websites such as Investopedia, The Balance, and NerdWallet.

See Also

  • Cash Flow
  • Debt Management
  • Financial Planning
  • Investment Planning
  • Savings Plan
  • Tax Planning
  • Retirement Planning
  • Risk Management
  • Credit Management
  • Asset Allocation

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