Family budget: meaning and definition

The definition at a glance

A plan for the income, expenses and financial goals of a family or group that shares responsibilities.

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A plan for expected income and expenses over a period. It helps allocate money to needs, commitments and goals.

An amount or financial obligation that a person or family still needs to pay to another person, company or institution.

An expense that is not essential to meet basic needs and can be reduced or postponed according to the budget.