A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget.Budget planning is the process by which a company or individuals evaluate their earnings and expenses and project their monetary intakes and outtakes for the future. The goal is to lay out all necessary components and brainstorm future goals. Budget planning may be completed in one meeting or it may take weeks of evaluating available data to finalize.
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