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Can I simply say "es ist aus meinem Budget"?

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Das übersteigt mein Budget.

Should be the correct translation of that expression.

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Oder auch "Das ist außerhalb meines Budgets". – user unknown Jul 20 '14 at 5:07

I'd rather say:

Ich kann mir das nicht leisten. (I cannot afford this)
Das ist (mir) zu teuer. (too expensive (for me))

The simple translation that LiveWireBT mentioned could work too but unless it is a business context I'd not use the word Budget.

"Das übersteigt mein Budget"

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"Das ist (mir) zu teuer." is slightly different, as it does not explicitly say that the speaker cannot pay for it, as opposed to the original sentence. "Das ist (mir) zu teuer." is also fully valid to express "I think this price is not warranted, so I don't want to pay it, even though I could." That notwithstanding, at least here in South-Western Germany, the word "Budget" (and thus, the whole last expression in this answer) is very commonly used in non-business contexts, to indicate one's private finances. – O. R. Mapper May 16 '15 at 16:10

My proposal: "Das sprengt meinen finanziellen Rahmen" ( somwhat like "this exceeds/busts my financial frame"), on the language level between colloquial and a bit formal.

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I'd understand "Aus meinem Budget" such that you make budgets from your income (or allowance), like one for food, one for booze, one for clothing, and the money comes from one of these pots.

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