ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Budget: A plan for future spending and saving, weighing estimated income against estimated expenses.

Detailed explanation-2: -Budget = A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period.

Detailed explanation-3: -Budget. A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.

Detailed explanation-4: -A budget is a plan for managing income, spending, and saving during a given period of time.

Detailed explanation-5: -A spending plan should include all of your money coming in, money going out, and money put towards savings. True, in addition to regular monthly payments such as rent and bills, a spending plan should also include irregular payments such as family trips, medical co-pays and deposits to savings.