Budgeting is the process of creating a plan to manage your income and expenses. It involves setting financial goals, estimating future income, and allocating funds to various spending categories such as housing, food, transportation, savings, and debt repayment. By tracking and adjusting your spending, budgeting helps you control your finances, avoid overspending, and ensure you have enough money for essential expenses and future needs.
Watch the video here: Budgeting Explained
