Definition
A plan that estimates your cash inflows and outflows over a period, helping you manage liquidity and avoid shortfalls.
What to consider
- Create a detailed plan that tracks all your cash inflows and outflows.
- Factor in seasonal changes in income and expenses.
- Review and adjust your budget regularly to avoid shortages.
Real world scenarios
- Before planning a family vacation, Lucas created a cash budget to ensure he had enough funds for travel, lodging, and activities without overspending.
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