Finance glossary
Budget
Definition
A plan for how to spend and save income.
A budget allocates income across spending, saving, and debt repayment, giving control over where money goes. Frameworks like 50/30/20 split income into needs, wants, and savings. Sticking to a budget is the core habit behind nearly every personal-finance success.
In a sentence
His monthly budget split income into needs, wants, and savings so nothing slipped through the cracks.
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