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Meaning: A balanced budget exits when a household’s (or country) revenues are equal to its expenses.
Statement format: if there is one bad spending habit that keeps you from having a BALANCED BUDGET, challenge yourself to get control of that habit next month.
It is a situation in financial planning (or) the budgeting process.
Where,total revenues are equal to or greater than total expenses
It occurs when a govt collects the total sum of money in a year is equal to the amount it spends on goods, services and debt interest. When a government runs a balanced budget, it incurs neither a budget surplus nor a budget deficit.
A balanced budget simply refers to a budget in which expenses do not exceed revenues. This term can be used with any entity’s budget, such as that of a business, nonprofit organization or even a family. However, the term is most often associated with a government budget. A successfully balanced budget demonstrates a measure of fiscal health, showing a level of spending that remains in step with costs.
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