A personal or household budget is an itemized list of expected income and expenses that helps you to plan for how your money will be spent or saved as well as track your actual spending habits. Though the word budget has taken on a more negative connotation over the years invoking an image of pinching pennies or limited spending, a budget is really just a tool_and a great tool at that_to gain better and more accurate insight into your spending habits.
Different Budget Types. There are different strategies when it comes to budgeting. The strategies are designed to help make budgeting easier overall. Every person is different and one strategy may work better for you than another strategy. Reading about the different strategies can help you determine the best budgeting strategy for your personal situation.