budgeting

Vocabulary Word

Definition

Budgeting is tracking how you're planning to spend your money. Think of it like creating a money plan, deciding how much to spend, save, invest, or use for bills.

Examples in Different Contexts

In business operations, 'budgeting' involves allocating financial resources to various departments and projects. A CFO might say, 'Our annual budgeting process ensures that every department has the resources needed to meet their objectives.'

Practice Scenarios

Creative

Scenario:

Making a great film often requires a delicate balance of creative vision and practical realities. We must decide where to assign our resources most effectively.

Response:

That's right. I believe our budgeting should allow for some flexibility to cater to unexpected costs.

Public-Policy

Scenario:

The education sector needs more funding and investment. We should prioritize where taxpayer money goes.

Response:

Yes, strategic budgeting can certainly ensure better allocation of taxpayer money for education.