If tinkers may have leave to live,
And bear the sow-skin budget,
Then my account I well may, give,
And in the stocks avouch it.
Autolycus in The Winter’s Tale, Act IV, Sc. III, Shakespeare
These lines got me thinking about the town’s finances. Sow-skin budget? What does that mean? And how does that relate to the financial plan for the coming year staff is preparing for council’s review? I did some reading (of course…).
In Shakespeare’s time, the online etymological dictionary tells us the word budget meant something quite different:*
“leather pouch,” from Middle French bougette, diminutive of Old French bouge “leather bag, wallet, pouch,” from Latin bulga “leather bag,” of Gaulish origin (cf. Old Irish bolg “bag,” Breton bolc’h “flax pod”), from PIE *bhelgh- (see belly (n.)). Modern financial meaning (1733) is from notion of treasury minister keeping his fiscal plans in a wallet. Another 18c. transferred sense was “bundle of news,” hence the use of the word as the title of some newspapers.
The use of budget as a verb comes from much later – 1884. But for the Bard, a budget was a leather purse (or pouch or wallet). The annual budget is also a fairly new invention, as the Telegraph tells us:
It was not until the early 18th century that a version of the annual Budget emerged. The origins of the word Budget lie in the term “bougette” – a wallet in which documents or money could be kept. While at first referring only to the Chancellor’s annual speech on the country’s finances, the word quickly became used for any financial statement or plan…
Budget Day has historically been held during Spring because the collection of the Land Tax took place in April, and much of the country’s wealth derived from agriculture.
There’s a great description on World Wide Words of the convoluted path the word took to get to today’s usage:
Its first meaning in English indeed was “pouch, wallet, bag”, and followed its French original in usually implying something made of leather…
By the end of the sixteenth century, the word could refer to the contents of one’s budget as well as to the container itself. People frequently used this in the figurative sense of a bundle of news, or of a long letter full of news, and the word formed part of the name of several defunct British newspapers, such as the Pall Mall Budget…
The connection with finance appeared first only in 1733, as the result of a scurrilous pamphlet entitled The Budget Opened, an attack directed at Sir Robert Walpole… It probably also echoed the idiom to open one’s budget, “to speak one’s mind”, which was current then and continued to be so down into Victorian times…
Marina Orlova, the entertaining and pulchritudinous word lady at Hot for Words.com, gives us a more amusing etymology in the Youtube video at the top of this post. Who says learning has to be dull?