Define: Budget

UK Accounting Glossary

Definition: Budget

What is the dictionary definition of Budget?

Dictionary Definition

  1. obsolete A wallet, purse or bag.
  2. The amount of money or resources earmarked for a particular institution, activity or time-frame
  3. An itemized summary of intended expenditure; usually coupled with expected revenue.


Full Definition of Budget

Budget generally refers to a list of all planned expenses. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods.

A personal budget provides a way to manage your expenses and plan out how you will spend your income in the future. A personal budget is only helpful however when it is adhered to with diligence.

The budget of a government is a summary or plan of the intended revenues and expenditures of that government. In some countries, such as the United States, the budget is mainly prepared by the legislature, in others, it is prepared by the government. In the UK the budget is prepared by the Chancellor of the Exchequer, the second most important member of the government, and must be passed by Parliament.

As an adjective, budget is used in marketing as a euphemism for cheap.


Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Budget. Payroll & Accounting Heaven Ltd. February 24, 2020
Chicago Manual of Style (CMS):
Budget. Payroll & Accounting Heaven Ltd. (accessed: February 24, 2020).
American Psychological Association (APA):
Budget. Retrieved February 24, 2020, from website:

Definition Sources

Definitions for Budget are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 13th February 2020.