Meaning of the word budgeting in English

What does budgeting mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

budgeting

US /ˈbʌdʒ.ɪt.ɪŋ/
UK /ˈbʌdʒɪtɪŋ/

Noun

the act or process of creating a financial plan for a period of time, typically a year, to estimate income and expenses

Example:
Effective budgeting is crucial for financial stability.
She's learning about personal budgeting to manage her expenses.