Step 1: Understand what a budget is. A budget is a plan that shows how much money is expected to come in (revenue) and how much will be spent (expenditure).
Step 2: Know what revenue means. Revenue is the money that comes in, like taxes or sales.
Step 3: Know what expenditure means. Expenditure is the money that is spent on things like services, salaries, and programs.
Step 4: Learn what a budget surplus is. A budget surplus happens when the revenue is greater than the expenditure.
Step 5: Realize what this means. A budget surplus means there is extra money left over after all expenses are paid.
Step 6: Understand the implications. This extra money can be used for savings or to pay off debt.
