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Types of budgeting depend on the use of the budget which could either be personal or business budgets. Business and Personal Budgets. Budgeting is simply the creation of a plan to properly manage money. A budget usually covers a period of time; for instance, a one-year or five-year budget plan.
In this article, we look at 1) approaches to budgeting process, 2) components of a budget, 3) steps in the budgeting process, and 4) importance of budgets. approaches to budgeting process Budgeting can be done in a variety of ways, and it is always a smart choice to be aware of more than just a single way of budgeting.