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State agencies are involved in the fiscal cycle's last step. The budget is handled concurrently by both houses of the legislature.
Explain what a budget is.
A budget is a spending plan that is based on income and expenses. In other words, it's a forecast of your earnings and spending for a given period of time, such as a month or a year.(Or, if you're keeping track of the money coming in and going out of your home as a whole, that's a family budget.)
Why is having a budget crucial?
Having a budget promotes financial stability. A budget makes it simpler to pay bills on time, accumulate an emergency fund, and save for significant costs like a vehicle or home by keeping track of spending and sticking to a plan. Overall, creating a budget improves one's short- and long-term financial stability.
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