Legal Definitions - budget

Definition: A budget is a plan that shows how much money an organization expects to earn and spend during a specific period, usually a year. It can also refer to a specific amount of money set aside for a particular purpose or project.

Examples:

• An individual creates a budget to track their monthly income and expenses.
• A company creates a budget to plan for their expected revenue and expenses for the upcoming year.
• A government creates a budget to allocate funds for various programs and services, such as education, healthcare, and infrastructure.

These examples illustrate how a budget is a financial plan that helps individuals, organizations, and governments manage their money. By creating a budget, they can track their income and expenses, plan for the future, and make informed decisions about how to allocate their resources.