Budget Management is the process of creating and maintaining a financial plan that outlines expected income and expenses over a specific period. It helps individuals and organizations allocate resources effectively, ensuring that they can meet their financial goals while avoiding overspending. Effective Budget Management involves tracking actual spending against the budget, making adjustments as necessary, and analyzing financial performance. This practice can lead to better decision-making, improved savings, and a clearer understanding of financial health, ultimately contributing to long-term financial stability.