ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A budget is basically a financial plan for a defined period, usually a year. It greatly enhances the success of any undertaking. Budgeting helps saving funds easier as it tells you how much money must be set aside for each category of expenses and the remaining can be put into the savings bucket.

Detailed explanation-2: -A budget is a plan for managing income and expenses over a set time frame. There are different types of budgets you can use to manage your money. Budgets can help you track spending and live within your means.

Detailed explanation-3: -What is a Spending Plan? A spending plan is a method for distributing your income among the mix of things you want and need. Creating a spending plan ahead of time will allow you to effectively manage your finances and determine where to best spend your money.

Detailed explanation-4: -A budget is a plan you write down to decide how you will spend your money each month. A budget helps you make sure you will have enough money every month. Without a budget, you might run out of money before your next paycheck.

Detailed explanation-5: -The three types of annual Government budgets based on estimates are Surplus Budget, Balanced Budget, and Deficit Budget.