Budgeting is the process of creating a plan to spend your money. It involves estimating income and expenses over a specific period, typically a month or year, to ensure that financial resources are allocated effectively. The primary purpose of budgeting is to manage financial resources in a way that meets short-term and long-term objectives, such as saving for future goals, paying off debt, or managing day-to-day expenses. A budget typically includes expected income, fixed expenses (like rent or mortgage), variable expenses (like groceries or entertainment), and savings or investment goals. By tracking spending against the budget, individuals or organizations can make informed decisions, adjust spending habits, and ultimately achieve financial stability and growth.
Explore a Lifeline for Families Facing Financial Hardship In 2025, thousands of families will gain access to a crucial financial support system through the Social Security Administration, providing **vital monthly…