What is a budget?

A budget is an assessment of expenses in relation to revenues (income). A balanced budget, a viable budget, is one in which expenses are less than revenues over time. Budgeting is primarily about being aware of all real expenses, one-time and recurring, and exerting control over them. Retained earnings refers to the portion of income that exceeds expenses. Retained income is referred to as discretionary and may be used for savings and building wealth.

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