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New Carolina Finance Portal Your Online Financial Planner Budgeting Basics Creating a Financial Plan That Works for You Budgeting is the foundation of financial planning. It is the process of creating a plan for your money taking into account your income and expenses to help you finally reach your financial goals. A budget can help you manage your money more effectively make better spending decisions and save for the future. As a matter of fact creating a budget is not a onesizefitsall approach.