Budget Meaning

UK /ˈbʌdʒɪt/
US /ˈbʌdʒɪt/
Word Definition
budget meaning

Budget Definition & Usage

noun

A detailed financial plan for a specific period, typically setting out expected income and expenditure.

Examples

  • "The company has increased its marketing budget for the next quarter."
  • "We need to stick to our budget if we're going to avoid overspending this year."
  • "The government announced a budget that focuses on health care and education."
  • "She allocated a strict budget for her wedding, ensuring they wouldn't exceed the set limits."
  • "They are reviewing the project’s budget to ensure all expenses are covered."
verb

To allocate a specific amount of money for a particular purpose or project.

Examples

  • "They budgeted $200 for entertainment during their vacation."
  • "You should budget at least $100 a week for groceries."
  • "We need to budget more for unexpected repairs on the car."
  • "The organization is budgeting $1 million for its annual charity event."
  • "Make sure to budget for taxes when calculating your income."
noun

A set or category of resources allocated for a specific purpose.

Examples

  • "The project team has to work with a limited budget for materials."
  • "This is the department's budget for the upcoming year, covering all essential activities."
  • "The budget for our new office renovations is quite tight, so we'll need to make cuts."
  • "The university's budget for research grants was increased by 10% this year."
  • "She was responsible for managing the budget allocated for the software development team."

Cultural Context

The word 'budget' has evolved over centuries. Initially derived from the Old French 'bougette' (meaning 'small bag'), it referred to a bag in which the financial documents were kept. The term later evolved in English to mean a detailed financial plan. The modern usage involves setting limits and planning for spending in business, government, and personal finances.

The Budgeting Breakthrough

Story

The Budgeting Breakthrough

Rachel had always struggled to manage her personal finances. For years, she lived paycheck to paycheck, often finding herself in debt after the holidays. This year, however, things were different. She had decided to take control of her financial future. Her first step was to create a detailed budget. She sat down with her laptop and began to list her monthly expenses—rent, utilities, groceries, and entertainment. Her income was steady, but it was important to stick to the limits she set for herself. As Rachel went through her expenses, she realized that she had been overspending on dining out and entertainment. 'I can easily cut back here,' she thought, 'and save more for travel and emergencies.' She allocated a budget of $200 for eating out each month, a portion for groceries, and the rest for her savings fund. By the end of the month, she was amazed at how much she had saved. Her friends were impressed when Rachel shared that she had budgeted an entire vacation fund for the summer. It wasn’t just about cutting costs—it was about intentional spending. And now, with her budget in place, she felt empowered and more secure in her financial decisions. Rachel even started budgeting for her future, including retirement plans and a rainy-day fund. Her newfound confidence was contagious, and soon her friends and family started using similar techniques. Rachel had truly turned her financial life around, one budget at a time.

The Budgeting Breakthrough