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1.
The word budgy derives from brov and bredgin its meaning is symbolic to the people of north London, who use this word as a term of endearment. The term for extra affection can also be shortened to "budg"
"oh budgy , where u been long time no see?!"

"where u at budg been waiting timeee for u"

"yeah im gonna clocks some yats and them im ragging down ma budgy daves yard to blaze some scats"
by Amz August 29, 2004
 
2.
Condensed version of old scots playground taunt “Has your budgie died?”. Used to tease people who have outgrown their trowsers or shrunk them in the wash, thus exposing their ankles. The trousers were like a flag at half mast (a sign of respect for the dead) hence the question. Popular in 1990s Glasgow schools.
Your trowsers are pure budgied.
Has yer budgie died?
Here, check the nick of his budgies by the way.
He's boostin about way budgies like Michael Jackson
by Cloudo August 18, 2006
 
3.
a terrible sexually transmitable disease that is spread thru oral sex
Shit, that bitch gave the budgy last night!
by cool guy October 08, 2004