What is a budget: A budget is an estimate of income and expenses over a specified period of time. This period of time is mostly futuristic in nature and has to be reviewed periodically.

Who should draft and use a budget: The context of budget is mainly used in discussing the economics of countries. It is also used by managers in an organization. Budget can also be streamlined to individuals. This is most times referred to as personal budgeting as couples, families and even friends can and should also draw up a  budget.