A budget plan is a financial document that outlines an individual or organization's estimated income and expenses for a specific period, typically one year. It serves as a roadmap to help manage finances by setting spending limits in various categories such as housing, food, transportation, entertainment, savings, and investments. The goal of creating a budget plan is to ensure that there is enough money coming in to cover all the expenses while also saving for future goals or emergencies. It requires discipline, organization, and regular monitoring to make sure it stays on track.