A budget is a future estimate of income and expenses. The goal is to have income equal or exceed expenses; if this isn’t the case, income needs to increase or expenses need to decrease. Below is an example personal monthly budget:
Pro Tip: Your budget should revolve around your goals; if there are expenses on there that won’t help you reach your goals, consider cutting that expense out.
Suggested Read: How to Be Your Own Financial Planner (Basics)