Around here we like words. Fun fact: I have a degree in Linguistics! I use the term budget as a noun. It’s a thing. A tool. I’ll also use the verb forms, such as budgeting. And when I use it as an adjective (remember your MadLibs?), it’s never going to be synonymous with “cheap” or “low quality”. If that’s what I mean, I’ll say “cheap” or “low quality”, which are not synonymous with “inexpensive” or “low cost”
Read more: http://www.businessdictionary.com/definition/budget.html
Budget: An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.
One of the most important administrative tools, a budget serves also as a (1) plan of action for achieving quantified objectives, (2) standard for measuring performance, and (3) device for coping with foreseeable adverse situations.