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A budget is a tool for figuring out where your money comes from and where it goes. It's a written plan that says how much you will earn, how much you will spend, and how much you will save. If you have a budget, you can plan how to get the things you want, and make sure that you don't waste your money on things you don't need.
To "balance" your budget, just make sure that the money you earn equals the money you spend. If you spend more than you make, you will have to borrow money, and how will you pay it back? But if you make more than you spend, you can save for bigger things, like camp or a bicycle or a new computer.
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