Budgeting is the ability to adopt a proactive and measured approach towards managing personal or company resources. Budgeting skills involve conscious decision making about allocation of resources - this usually money, but budgeting skills relate to other resources too.

Budgeting skills serve as a highly useful tool for planning, control and decision making since it involves planning and forecasting the use of all resources in a project or company, and determining whether or not there are enough resources to do all things that require attention.