While creating a balanced budget, individuals must ensure that they spend either lesser or equal to their incomes.
A budget is an estimated plan of a person's forecasted revenues and spending in a month or a year.
A balanced budget is a scenario where all the estimated incomes become equivalent to the estimated expenses for a given period. It has to be balanced only if a person saves their earned incomes more rather than expending them.
Therefore, when the spending is lower or equal to the revenues, then the budget can be balanced easily.
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