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A budget is the estimation of upcoming expenses, which is then used to set spending limits.
Budgeting is the process of creating a budget, or the plan of how much money to spend where within a specified time duration.
The purpose of creating a budget is to set limits on how much money you are willing to spend within a given time period.
The most commonly used methods of budgeting are incremental, activity-based, value-based and zero-based budgeting.
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