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What is budgeting?

January 7, 2011


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Budgeting is the process of establishing an itemized forecast of income and expenditures planned for some period in the future. Budgeting enables entities or individuals to examine how much money they are taking in during a given period of time, and to find the best way to divide this amount among possible expenses.

A budget includes quantified resource requirements such as amount of capital, amount of material and number of people into time-phased milestones, usually at a fairly detailed level. Budgeting helps entities or individuals meet their financial goals.

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