Answer: Budgets is an estimate of income and expenditure for a set period of time. The term budget refers to an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for any entity that wants to spend money, including governments and businesses, along with people and households at any income level.
To manage your monthly expenses, prepare for life's unpredictable events, and be able to afford big-ticket items without going into debt, budgeting is important. Keeping track of how much you earn and spend doesn't have to be drudgery, doesn't require you to be good at math, and doesn't mean you can't buy the things you want. It just means that you'll know where your money goes, and you'll have greater control over your finances
Explanation:
A budget is an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals at any income level.
A budget is basically a financial plan for a defined period, normally a year that is known to greatly enhance the success of any financial undertaking.
Corporate budgets are essential for operating at peak efficiency.
Aside from earmarking resources, a budget can also aid in setting goals, measuring outcomes, and planning contingencies.
Personal budgets are extremely useful in managing an individual's or family's finances over both the short and long-term horizon.
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