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Yearly Budget  

Meaning

A yearly budget is a strategic financial plan that outlines anticipated income  and projected expenditures for a one-year period, serving as a framework for financial
management.


Example :

For example, if an individual expects to earn ₹6,00,000 in a year and plans to  spend ₹4,80,000, this financial outline is referred to as their yearly budget.


How to Understand : 

A yearly budget functions as a roadmap for financial decision-making, guiding the  allocation of resources over a 12-month timeframe.


Importance :

1. It plays a crucial role in controlling spending, ensuring that individuals remain within  their financial means.
2.  A well-structured budget prevents overspending and alleviates financial stress, fostering  a healthier financial outlook.
3. It supports long-term savings goals by facilitating strategic planning and resource  allocation for future financial needs.
4. A yearly budget is instrumental in tracking income and expenses, providing a  comprehensive view of one's financial status throughout the year.

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