What does a budget include?

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.

What is a budget based on?

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. (Or, if you're accounting for the incoming and outgoing money of everyone in your household, that's a family budget.)

What does a budget a mean?

A is a written plan that outlines how you’ll spend your money each month. You’ll have a balanced budget: This means your income equals your expenses and you aren’t spending more money than you make. You’ll have a deficit: This means you’re spending more than you make and possibly going into debt.