A plan for how much money will be made and spent over a certain amount of time. You’re not the only one with a budget. Governments, companies, families, countries, etc. have budgets. Being on budget means you meet your plan’s expectations. Being off budget can be good or bad: you could have a surplus or a deficit. Understanding what you’re making and, especially, planning how to allocate your money, is the key to staying on budget. (See also: Balance Sheet)

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