what do you understand by the budget describe its important for any recognize ?
Answer (1)
20th Jun, 2022
Hello aspirant,
A budget is a tool to track when and how you earn or spend money. Creating a budget is an important pillar of your overall success and security. It allows you to oversee and better understand whether your business has enough revenue to pay its expenses. Using a budget can help you make more informed financial decisions.
Budgeting is an ongoing process rather than a one-time exercise because your business revenue and expenses could change at any time. Revisit and rework your budget monthly, quarterly, or after changes to your bisiness, such big expenses occur. This will help you stay on track to achieve your goals.
Budgeting is important because:
- A budget is a tool that tracks your spending and can help you save money.
- Budgeting can help you put aside funds to reach both short and long-term financial goals, such as making a large purchase like a home or a car or saving for college tuition or retirement.
- To help you save money, it's important to adjust your budget over time in response to changing circumstances.
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