Abstract
Budgeting is an important activity for everyone; individuals, households and companies alike. In simple terms, budgeting is summarizing expected income and expenses for a given period (Peetz and Buehler). Budgeting is an invaluable tool because it helps one to prioritize spending and money management even with the least amount of income. As we do not always have money to spend on everything we want it is important to get used to this practice in order to focus the income on matters that are most important. Why is this important exercise? Planning, forecasting and monitoring of one’s budget can ...
