Explanation:

1.A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.

2.The budget items that are included in the basic family budgets are: housing, food, child care, transportation, health care, other necessities, and taxes. The following is a brief description of each budget item and the restrictions and/or working assumptions employed for basic family budget calculations:

3.Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.

SOURCES:https://www.mymoneycoach.ca/budgeting/what-is-a-budget-planning-forecasting#:~:text=Since%20budgeting%20allows%20you%20to,you%20are%20currently%20in%20debt.

https://www.investopedia.com/terms/b/budget.asp#:~:text=A%20budget%20is%20an%20estimation,that%20makes%20and%20spends%20money.