ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A budget is a spending plan based on income and expenses. In other words, it’s an estimate of how much money you’ll make and spend over a certain period of time, such as a month or year.

Detailed explanation-2: -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-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 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-5: -What is a Budget? Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do.