Budig was born in Cincinnati, Ohio, the daughter of Mary Jo, a homemaker, and George Budig, a businessman. She was raised in Fort Mitchell, Kentucky. She graduated from the Cincinnati Public Schools School for Creative and Performing Arts (SCPA) and later went on to major in zoology at Miami University in Ohio. In 1993, Budig moved to Los Angeles, California, to pursue an acting career. While there, she began studying with acting coaches Howard Fine and Jay Goldenberg at the Howard Fine Acting Studio and at the Young Actors Space, respectively.[citation needed]
Budig's first acting job was in Aerosmith's music video "Livin' on the Edge". She later had a cameo role as a teenage girl saved by Chris O'Donnell's character Dick Grayson in Batman Forever.
In 1995, Budig auditioned for the role of Kelsey Jefferson on All My Children, but received an offer from Guiding Light, where she began her three-year stint as Michelle Bauer from (1995 to 1998).

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