Domestic budgeting is the process of creating a plan for managing a household's finances. It involves tracking income and expenses to ensure that spending does not exceed earnings. By setting a budget, families can prioritize their needs, save for future goals, and avoid debt. A domestic budget typically includes categories such as housing, utilities, groceries, and entertainment. Regularly reviewing and adjusting the budget helps households stay on track and make informed financial decisions. This practice promotes financial stability and can lead to better overall well-being for family members.