A budget is a financial plan that outlines how much money you plan to spend and earn over a specific period, typically one year. It is a fixed plan that aims to help you manage your finances by setting limits on your expenses and estimating your income.

A budget forecast, on the other hand, is a prediction of what your financial situation will look like in the future. It is an estimate of your income and expenses. A budget forecast allows you to make adjustments to your spending and income projections based on current trends and changes in the market.

Both a budget and a budget forecast are useful tools for managing your finances. A budget is essential for planning your spending and ensuring that you stay within your means, while a budget forecast is useful for predicting your financial situation and making adjustments as necessary.

There is no clear answer as to which one is better, as both have their benefits. A budget provides a clear picture of your financial situation and helps you plan for the future, while a budget forecast allows you to make adjustments as necessary and react to changes in the market. Ultimately, the best approach is to use both tools together to get a comprehensive view of your finances and make informed decisions.

BudgetBuddy is a budget calculator that includes both a budget and a budget forecast. With BudgetBuddy, families have the ideal financial planning calculator. After entering their financial information, BudgetBuddy projects their financial situation as it will be in the future. Using this projection, they have the information they need to make better financial decisions to reach their financial goals.