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What is the difference between budgeting and expense tracking?
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The main difference between budgeting and expense tracking is that budgeting involves forecasting, planning and allocating funds across various categories to meet long-term financial goals, while expense tracking involves monitoring and recording all income and expenses. Budgeting provides a general plan to follow and refers to specific types of spending, while expense tracking is more focused on individual transactions and involves tracking and recording expenses as they occur.