Final answer:
Planning a budget is important because it helps individuals or organizations allocate income and expenses effectively, track finances, and achieve financial goals.
Step-by-step explanation:
A budget is a financial plan that helps individuals or organizations allocate their income and expenses effectively. It is important to plan a budget because it allows you to track your income and expenses, identify wasteful expenditures, and work towards achieving financial goals. By creating a budget, you can ensure that you have enough money coming in to cover your expenses and make informed decisions about how to allocate your funds.