The examination involved the historical transformation of the engineering budgeting and the technological transformation tracing the development of this particular field. This includes the journey from manual and experience-based estimations of the engineering budgeting to the adoption of such systems, which are controlled by AI. Through a careful assessment of the technological developments, for instance, the switch from mechanical calculators to digital twin platforms and AI-powered budgeting tools, this paper confirms the statement that; artificial intelligence systems are now cost estimation and financial planning in the construction industry. The integration of the case studies and the technical assessments enabled the research to illustrate the principal achievements of the automation in areas like quantity surveying, dynamic cost modeling, and risk prediction, all of which resulted in decreased cost overruns and development of better project efficiency. Besides, the study also discusses critical issues, as for example, data silos, interoperability problems, and lack of some skills of the workforce which are the obstacles to the complete targeted results of intelligent budgeting. In addition to that, there is a view of the future on the subject of the applications of the emerging technologies such as quantum computing, metaverse previsualization, and blockchain-based financial governance in determining the engineering budgeting area of the future. The research results not only point out that the traditional budgeting should abandon a cost estimation process that is static and enter a process of being freely and efficiently adjusted with the possible challenges that will be faced but also should make and facilitate the transformation of the budgeting from the static cost estimation process into a dynamic cognitive decision-making hub.