Definition:
Budget planning entails identifying the sources of income and taking into account all current and future expenses, with an aim to meet an individual’s financial goals. The primary aim of a budget planner is to ensure savings after the allocation for spending.
Budget is an important concept of microeconomics and can be understood as an organizational plan stated in monetary terms. Business start-up budget, corporate budget, event management budget, government budget and personal or family budget are some variations of this concept.
Further Reading:
Book: The Lean Machine by Dantar P. Oosterwal