Budget management is the process of planning and controlling how much money an individual or organization spends. It involves creating a detailed plan, known as a budget, that outlines expected income and expenses over a specific period. This helps ensure that spending does not exceed available resources. Effective budget management allows for better financial decision-making and helps avoid debt. By regularly reviewing and adjusting the budget, individuals and organizations can track their financial health, prioritize spending, and save for future goals. This practice is essential for achieving long-term financial stability.