Budget Approval Phases allow you to save a snapshot of your budget in time. As your budget evolves from an initial concept budget all the way to final budget approval, you can save versions as you go and refer back to them.

Build your project budget to save it as an Approval Phase.

Once you have created and filled out the values within your budget:

Using Phased Approval will allow you to save a snapshot of the budget and then continue to make updates using Column A. Only choose Final Approval if you are ready to set your budget as final and lock in the amounts in Column A, Original Budget.

If you have a financial approval workflow configured for Budgets, this budget approval phase will be sent through the workflow for approval. To better understand this topic, review the Configure Project Settings: Financial Approval Workflows help article.
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Once you have approved your budget snapshot, you can find it on the Approval Phases tab of the budget.

Here, you can view the snapshots you have submitted in List or Cards view:

Using the Cards view, you can compare your budget versions:

Now, the snapshot cards will show the changes to the values of each category and cost code.