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Budgeting is the method of planning as to how resources will be acquired and used over a certain period of time. Budgeting also applies to handling personal finances similar to that of most businesses. Personally, if income is coming from employment and earnings are relatively fixed on a monthly basis, budgeting can be applied. The salary received is budgeted by means of limiting certain expenses so that extra cash will still be on hand in time for the next salary period. For most businesses, budgeting is a must to properly monitor income and expenses. Budgeting is frequently prepared by accountants based on historical data of the company and current economic trends.
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