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What is the difference between budgeting and creating a spending plan? What comes first?

The basic difference which I find between budgeting and a spending plan is that a budget has limitations. When you set up a budget, you impose restriction on your expenses. But when you create a spending plan, there is a room for flexibility. You can prioritize your expenses so that the most essential funding priorities are met.

Sub: #1 posted on Thu, 01/03/2019 - 03:04

Nick Jonas Nick Jonas

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I feel that at first, you should set aside the amount you want to save, then with the rest portion, set up a spending plan.

Sub: #2 posted on Thu, 01/03/2019 - 04:09

Mabelle Page Mabelle Page

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Budgeting means, you are creating a list of expenses for the whole month. And spending plan is you are determining how much you are required to spend on each category in your budget.

Sub: #3 posted on Fri, 01/04/2019 - 05:22

Sanders Patricia Sanders Patricia

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