What is Personal Budget?

Legal Definition
A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using and adjusting a personal budget. For example, jobs are an income source, while bills and rent payments are expenses.
-- Wikipedia
Legal Definition
A statement that depicts the income and expense of an individual, used during the projection of future expenses and income.