The term "New Budget" refers to a financial plan for a particular period, usually one year. It is an estimate of income and expenses that serves as a guideline for managing finances within a given time frame. A new budget can be created by individuals or organizations at the beginning of each fiscal year or whenever there are significant changes in their financial situation. The purpose of creating a new budget is to allocate resources effectively, maximize savings and minimize expenses while achieving short-term and long-term financial goals.