> ## Documentation Index
> Fetch the complete documentation index at: https://docs.equalsmoney.com/llms.txt
> Use this file to discover all available pages before exploring further.

# About budget hierarchy

> Learn about budget types and the relationship between budgets.

## Parent budgets and sub-budgets

Every account has at least one budget known as the **parent budget**, which is set up during onboarding. An account can have many other budgets, known as **sub-budgets**. These sub-budgets can have their own sub-budgets. You can [transfer money between budgets](/pages/budgets/make-budget-transfers) belonging to the same account instantly and at no cost.

Every budget has at least one currency balance, but can have several. For example, you could have a budget with a `USD` currency balance and a `GBP` currency balance.

<img src="https://mintcdn.com/equalsmoney-0d00329a/Gcy_W3pNLgh52Qmj/images/diagram-budget-hierarchy.svg?fit=max&auto=format&n=Gcy_W3pNLgh52Qmj&q=85&s=ed6d620875cec9646cb131428f4ac183" alt="Diagram showing an example of a budget hierarchy with multiple sub-budgets and currencies" width="2004" height="872" data-path="images/diagram-budget-hierarchy.svg" />

## Budget types

Every budget has a type, which is set when it's created and can't be changed later.

| Type             | Description                                                                                                                                                                                                                                                     |
| ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| `accountBalance` | The parent budget. There is only ever one per account. This type of budget can be used for payments, orders, internal transfers, and currency exchanges.                                                                                                        |
| `individual`     | A sub-budget that is locked to a single person. This type of budget can be used for card payments (individual cards), internal transfers, and currency exchanges. If the `payments` feature is enabled, it can also be used for outbound payments.              |
| `shared`         | A sub-budget that can be used by multiple people. This type of budget can be used for card payments (individual and shared cards), internal transfers, and currency exchanges. If the `payments` feature is enabled, it can also be used for outbound payments. |