Financial plans: budgets (2023)


Seeing the value of achieving a goal is often much easier than seeing a way to achieve it. People often choose to better themselves or their lives in some way. But while they don't lack sincerity, determination, or effort, they lack a plan, a map, a picture of why and how to get from here to there.

Pro forma financial statements provide information about the possible outcomes of financial decisions. They can also be used as a tool to plan specific outcomes. When designing in the form ofBudgetA projection of the financial needs and consequences of a plan., the numbers become not just an estimated result, but an actual strategy or plan, a map that shows the way to a goal. Later, when you compare actual results to the original plan, you can see how failures or successes can signal future strategies.

Budgets are usually created with a specific goal in mind: lowering the cost of living, increasing savings, or saving for a specific purpose, for example. B. for education or retirement. While financial statements further emphasize the need to do these things, the budget provides a real blueprint for doing so. It is a document for action and not for reflection.

As a statement of action, a budget should be dynamic, a reconciliation of 'facts on the ground' and 'pie in the sky'. While financial statements are summaries of historical reality, that is, everything that has already happened and “sinked”, budgets reflect current realities that define the next options. A budget should never simply be followed, but constantly revised to reflect new information.

5.1the budget process

learning goals

  1. Monitoring of the budget process.
  2. Discuss the relationships between goals and behaviors.
  3. Demonstrate the importance of conservatism in the budget process.
  4. Show the importance of time in the budgeting process.

The budgeting process is an endless loop, similar to the larger financial planning process. it implies

  • goal setting and data collection;
  • form expectations and align goals and dates;
  • prepare the budget;
  • monitor actual results and analyze variances;
  • adjust budget, expectations or goals;
  • Redefine goals.

Figure 5.2the budget process

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A review of your financial statements or current financial situation, as well as your own ideas of how you live and could live, should reveal both immediate and long-term goals. You can also point out new options. For example, an immediate goal might be to reduce housing costs. In the short term you can look for an apartment with cheaper rents, but in the long term it may be more advantageous to own your own home. This long-term goal may indicate the need to start an advance savings plan.

The process of creating a budget can be instructive. Creating a budget involves projecting realistic behavior. Your assumptions may come from your actual past behavior based on accurate records you've collected. If you used personal finance software, it kept these records for you; If not, a close examination of your checkbook and investment statements will reveal this information. Financial statements are useful summaries of the information needed to create a budget.

After setting realistic expectations based on past behavior and current circumstances, you still need to reconcile your future behavior with your original expectations. For example, you may realize that greater sacrifices need to be made, or that you need to change your behavior, or that your goals are unattainable and need to be more realistic, perhaps based on less desirable options. On the other hand, this can be a happy discovery process: the targets may be closer or require fewer sacrifices than you might think.

Whether it leads to worrisome dismay or ambitious elation, the budgeting process is about aligning your financial realities with your financial dreams. How you finance your life determines how you can live your life. So budgeting is really a process where you create a life strategy. You may find it difficult to separate the emotional and financial aspects of your goals, but the more successful you are at this, the more successful you will be in achieving them.

A budget is a projection of how things should work, but there is always some uncertainty. When actual results are better than expected, when income is higher or expenses are lower, expectations can be revised upwards as an unexpected blessing. On the other hand, if actual results are worse than expected, income is lower, or expenses are higher, not only the next budget but current housing options as well may need to be adjusted to accommodate this situation. These new options are not preferred, otherwise you would have chosen them in your original plan.

To avoid unwanted adjustments, you must beconservativeIn finance, a preferred approach to any financial planning: overestimate expenses, losses and the value of liabilities and underestimate incomes, profits and the value of assets. The idea behind this is that every surprise should be beneficial. The use of this word in finance and accounting has absolutely no bearing on whatever political associations the word may have acquired in common parlance.on your expectations to maximize the likelihood that your actual results will be better than expected. Therefore, when estimating, you would always underestimate potential income and earnings items and overestimate potential expense and loss items.

You also need to define a time frame and frequency for your budgeting process: yearly, monthly, or weekly. How long depends on how financially active you are and how much discipline or guidance you want your budget to provide. At least once a year you should check your progress. In general, you want to keep a manageable amount of data for each period. Therefore, the more financial activities you have, the shorter your budget period should be. Since your budget needs constant monitoring, you don't want to be inundated with so much data that monitoring becomes a daunting task. On the other hand, you want to choose a broad period or time period to show significant results. Choose a time period that makes sense for your dataset or level of financial activity.

the central theses

  • A budget is a process that mirrors the financial planning process.
  • The budgeting process can suggest goals, behaviors, and constraints.
  • For a successful budget, goals and behaviors must be aligned.
  • Budgets should be conservative:

    • overestimate costs.
    • underestimate profits.
  • The reasonable period is the one that

    • short enough to limit the amount of data,
    • enough time to capture meaningful data.


  1. Start your budgeting process in My Notes or your financial planning journal by reviewing your short-term and long-term goals. What does it take to achieve these goals? What limitations and opportunities do you have to face them? Then collect your financial data and choose a time period and frequency to review your progress.
  2. Watch the Expert Village video How to budget: 1🇧🇷 According to this video, why is budgeting so important in personal financial planning? What types of problems can you solve by manipulating your personal budget? What goals can you achieve by changing your personal budget?

5.2comprehensive budget

learning goals

  1. Describe the components of the general budget and their purposes.
  2. Describe the components of an operating budget.
  3. Discuss sources of income and recurring expenses.
  4. Identify factors in the operating budgeting process.
  5. Identify factors in the capital budgeting process.

Collecting data and creating a budget with a few goals in mind are the first steps in this process. Understanding the budget format or form will guide you to the type of information you need. ONEcomprehensive budgetA budget that includes both the operating budget and the capital budget, i.e. it is intended to show all aspects of financial activities.- that is, a budget that covers all aspects of financial life - will include a projection of recurring and one-off income and expenses. (One-time income or "take-aways" should not be counted or "budgeted" conservatively.) Recurring income would be salary, interest, or dividend income. Recurring expenses can include living expenses, loan payments, and regular savings or investments. One-time expenses can be for capital improvements like a new roof on your home or to buy durable items like a refrigerator or a car. These are purchases that would not be made in all periods. A complete budget chart is shown inFigure 5.4 "Comprehensive Budget Chart".

Figure 5.4complete budget chart

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Another distinction in identifying recurring and non-recurring items is the time period for each. Recurring items require repeated processing and are therefore considered short term, while capital budget items allow for longer term planning as they occur less frequently. The different time horizons for planning recurring and one-off items can allow for different strategies for achieving these different goals.

A comprehensive budget is a compilation of aoperating budgetThe budget shows recurring income and expenses, usually living expenses, as well as salary, interest, and dividend income, usually associated with short-term financial goals.for short-term goals that contain recurring elements and aCapital budgetThe Budget, which shows one-off events typically associated with long-term financial goals.for long-term goals that include one-off elements.

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Operating budget: recurring income and expenses

use of financial history

Recurring income and expenses are often the easiest to identify and plan for because they are constant and have a direct impact on your daily life. An income statement shows income and expenses; Cash flow statements show actual cash expenditures. Recurring income and expenses are planned in the context of short-term lifestyle goals or preferences.

Consider a sufficiently large time period to collect relevant data. Some income and expenses reliably return, but only periodically or seasonally. For example, you might pay your car insurance premium twice a year. It is a recurring problem, but it only occurs two months of the year; so you'll need to look into the issues for enough months to see it. Or your heating or cooling bills could change seasonally, impacting your utility bills more in some months than others.

The time period selected for an offer must be long enough to show recurring items as recurring and non-recurring items as uncommon, but small enough to track and manage options within the time period. For personal budgets, a month is the most common budget period, as most living expenses are paid at least monthly. However, it's best to use at least a full year of data to get a reasonable monthly average and see seasonal and periodic items as they occur.

Some items can be repeated, but not reliably: their frequency or quantity is uncertain. Taking a conservative approach involves budgeting for as many uncertain expenses as possible. If income is regular but uncertain, carefully consider the minimum amount. When income is erratic, it may be best to leave it out of your budget and plans because you can't "count" it.

Consider the following example: Mark works as a school counselor, tutor, paints houses during the summer, and buys and sells sporting goods online. In 2006, he bought an older home with a $200,000 mortgage at a fixed rate of 5.75%. Each year, he deposits $1,000 into his retirement account and uses some of the capital to renovate his home. You used a car loan to buy your car. Money left over after paying your bills is kept in a money market account that earns 3% interest. As 2009 ends, Mark is trying to establish a budget for 2010. He has kept reasonably good financial records since he bought the house, as shown in theFigure 5.5 “Mark Financials, 2006-2009”.

Mark has five sources of income: some are more consistent, some are more reliable, and some are more seasonal. Your work as a consultant guarantees you a regular salary throughout the year. Painting houses is a seasonal but very reliable source of income; In 2008 it was less because Mark fell down a ladder and couldn't paint for two months. Tutoring is a seasonal source of income, and since the school hired an additional tutor in 2008, it has declined. The souvenir trade is an unpredictable source of income all year round. In 2009 he made some very profitable trades, but in 2007 almost none. Interest income depends on the call money account balance. You would factor your consulting, painting, and interest income into your budget, but you must be careful about including your tuition or trading income.

With few exceptions, Mark's results are reliable and easily predictable. His accident in 2008 added to his medical bills that year. Both the cost of gasoline for the car and the cost of heating vary according to the weather and the sharp fluctuation in the price of oil; In 2008, these expenses were extraordinarily high. IPTU increased in 2009, but this is unlikely to happen again in the coming years.

Figure 5.5Mark finance, 2006-2009

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Use of new information and "micro" factors

Along with your known financial history, you should include any new information that might change your expectations. As with any forecast, the more information you include in your forecasts, the more accurate they will be.

Mark knows that hiring a new counselor has significantly reduced his monthly income and will likely continue to do so. You're getting a modest raise, but you've been told that your copayments and health and dental deductibles will increase in 2010. You've just traded in your car and got a new loan for a "new" used car. Car.

The personal or micro characteristics of your situation influence your expectations, especially when they are expected to change. Personal factors such as family structure, health, career choices and age have a significant impact on financial decisions and goals. If any of these factors are expected to change, then your financial situation should also change, and this expectation should be factored into your budgetary projections.

For example, if you expect to increase or decrease the size of your family or household, this would affect your consumption of goods and services. If you are about to change your career or profession, it will affect your salary income. A change in health can lead people to work more or less and thus alter wage income. There are many ways in which personal circumstances can change and your expectations, decisions and financial goals can change. All of these forecast changes must be factored into the budgeting process.

Use of economic and "macro" factors

The macro factors that affect your budget come from the context of the overall economy, so understanding how income and expenses are generated is helpful in creating estimates. Income is generated when labor or capital (liquidity or property) is sold. The amount of revenue generated depends on the quantity sold and the price.

The price of labor depends on the relative supply and demand for labor, which is reflected in unemployment rates. The price of liquidity depends on the relative supply and demand of capital, which is reflected in interest rates. Unemployment rates and interest rates, in turn, depend on the complex and dynamic economy.

The economy tends to be cyclical. When the economy is in a contraction or recession phase, the demand for labor is lower, competition among workers is higher, and wages are unlikely to rise. When unemployment rises, especially if you work in an industry that cyclically shrinks with the economy, wages can become uncertain or increasingly risky with the risk of losing your job. Interest rates are generally more volatile and therefore harder to predict, but they generally tend to fall during contraction and rise during expansion. A budget period is generally short, so economic factors do not vary enough to affect forecasts during that short period. However, these economic factors should affect your estimates of potential earnings.

Spending occurs when a quantity of goods or services is consumed at a given price. That price depends on the relative supply and demand of those goods and services, as well as the broader context of price levels in the economy. When inflation or deflation raises or lowers the value of our currency, its purchasing power changes, and with it the real cost of spending. Here, too, the budget period should generally be short enough that changes in purchasing power do not affect the budget too much; Still, these changes should not be ignored. Price levels change much faster than wage levels, so prices can rise before wages rise, reducing the real purchasing power of your paycheck.

If you have an adjustable rate loan, i. H. a loan whose interest rate can be adjusted regularly, you are vulnerable to fluctuations in interest rates. (This is discussed at length inChapter 16 “Ownership of Notes”.) You need to consider this particular macro factor when creating your budget.

Macroeconomic factors are difficult to predict as they reflect complex scenarios, but news about current and expected economic conditions is available in the media on a daily basis. A good financial planner also keeps track of economic metrics and forecasts. You'll get a good idea of ​​where the economy is in its cycles and how it's affecting you by seeing how well your paycheck covers your living expenses (like filling up your car with gas or grocery shopping).Figure 5.7 "Factors in determining a projected operating budget item"suggests how personal history, microeconomic factors, and macroeconomic factors can be used to make predictions about your household items.

Figure 5.7Factors in Determining a Projected Operating Budget Element

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Using his background, current information, and understanding of current and expected macroeconomic factors, Mark has developed the budget shown inFigure 5.8 “Mark's budget for 2010”.

To forecast earnings, Mark used his most recent information to estimate his salary and tuition income. He used his minimum income of the last four years to sell souvenirs, which is conservative and reasonable given his volatility. His paint income is less volatile, so his estimate is an average that excludes the unusual year of his accident. Interest income is based on the current balance of your call money account adjusted for an expected drop in interest rates.

Mark expects to spend the same as in 2009, as his costs and consumption are not expected to change. However, you've adjusted your health and dental insurance, as well as your car rental payment, to reflect your new findings.

Gas and heating oil prices were extremely volatile during this period (2006-2009), affecting Mark's gas and heating bills. Therefore, he bases his estimates on his knowledge of his expected consumption and price. You know you average about 15,000 miles a year and your car gets about 20mpg. You estimate your gas expenses for 2010 assuming the average gas price was then $2.50 a gallon, as oil prices are roughly where they were in 2007. You buy an average of 750 gallons per year (15,000 miles ÷ 20mpg), so your total spend is $1,875. Mark also knows that he uses 500 gallons of heating oil every year. If you estimate heating oil prices at 2007 levels, it costs about the same as it did then, or $1,200.

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Mark knows that the more knowledge and information he can provide, the more accurate and useful his estimates will be.

Figure 5.8Markus Budget 2010

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Capital budget: capital expenditures and investments

Residual income after deducting living expenses and debt obligations, orfree cash flowRemaining income after deducting living expenses and debt obligations that is available for capital or investment expenditures., is the money available for capital expenditures or investments. Investing is usually part of a long-term plan to build an asset base. The investment can also form part of a long-term plan to build a wealth base or achieve a specific goal, such as funding an education or retirement.

Long-term strategies are based on expected changes in the microfactors that shape goals. For example, you might want to save for retirement because you expect to get older and less willing or able to sell labor. Expanding or contracting family structure can create new savings goals or a shift in housing needs that signals a change in the wealth base (eg, buying or selling a home).

Some changes remove a specific target. For example, a child graduating from college eliminates the need to save for college. Some changes will emphasize the need for a target, such as B. Decline in health which highlights the need to save for retirement. As personal factors change, you should reassess your long-term goals and capital expenditures in light of those goals, as long-term goals and therefore capital expenditures can change with them.

While many personal factors are relatively predictable over the long term (eg, you will age, not rejuvenate), macroeconomic factors that occur concurrently are much more difficult to predict. Will the economy expand or contract when you retire? Will there be inflation or deflation? The further away you are (in time) from your goals, the more difficult these factors are to predict and the less relevant they are to your budget planning. As you get closer to your goals, macro factors become more influential in assessing your goals and progress.

As long-term strategies evolve over time, you should use time value relationships to estimate capital expenditures and track progress toward long-term goals. Long-term goals are usually best achieved through a steady, even progression; For example, a savings goal is usually achieved through a series of regular and consistent deposits. These regular payments form an annuity. If you know how much time and compounding you have to convert your account balance (the present value of that annuity) to your savings goal (its future value), you can calculate the amount in the account. This can then be compared to your projected free cash flow to see if such a deposit is possible. You can also see if your goal is too modest or too ambitious and needs adjustments in terms of time to reach it or the speed with which you reach it.

Capital expenditure can be a one-time investment, like a new roof. An equity investment can also be a step towards a long-term goal, such as annual savings. This goal must be evaluated at each budget, and this “step” or investment must be reviewed.Figure 5.10 “Factors that determine the position of the projected capital budget”shows the list of factors used to determine the capital budget.

Figure 5.10Factors that determine the projected capital budget line item

Financial plans: budgets (6)

Mark's budget for 2010 (shown in theFigure 5.8 “Mark's budget for 2010”) predicts a drop in income and disposable income and an increase in the cost of living, leaving you with less free cash flow to spend on capital or investments. You know that your house needs a new roof (estimated cost = $15,000) and you expect it to be ready by 2010. However, these investments would result in a negative net cash flow even if you also used the savings in your mortgage account. deposit. Mark's budget shows that both his short-term lifestyle preferences (projected income and expenses) and progress toward his long-term goals (home improvements and savings) cannot be achieved without some changes and decisions. What should these changes and decisions be?

the central theses

  • A general budget consists of an operating budget and a capital budget.
  • The operating budget considers recurring income and expenses.
  • Recurring revenue results from the sale of labor and/or cash.
  • Recurring expenses arise from the consumption of goods and/or services.
  • Recurring Income and Expenses

    • achieve short-term lifestyle goals,
    • Create free cash flow for investments.
  • The capital budget represents capital expenditures or non-recurring items.
  • Investments are usually part of a long-term goal or plan.
  • The projection of recurring income and expenses includes the use

    • financial history,
    • new information and microeconomic factors,
    • macroeconomic factors.
  • Depending on the probability, volatility and predictability of quantity and price, different methods can be used to forecast different income and expenses.
  • Capital expenditure planning requires the following:

    • New information and microeconomic factors
    • Macroeconomic factors, but these are harder to predict and therefore less relevant over a longer period of time
    • The relationships described by the time value of money


  1. Using Mark's budget sheet as a guide, adjust the budget categories and amounts to reflect your personal financial realities and projections. Develop an operating budget and a capital budget, distinguishing recurring income and expenses from one-time capital expenditures. On what basis will you make predictions about your future income and expenses?
  2. How does your budget sheet relate to your income statement, cash flow statement, and balance sheet? How will you use this past to develop a budget to reach your short-term and long-term goals?

5.3The cash budget and other specialized budgets

learning goals

  1. Discuss the use of a cash budget as a cash management tool.
  2. Explain the cash budget figure to clarify risks and opportunities.
  3. Explain the purpose of a specialized budget, including a family budget.
  4. Demonstrate the importance of including specialized budgets in the general budget.

the cash budget

If the cash flows are not periodic, i. H. if they are affected by seasonality or a different frequency of the budget period, a more detailed analysis of cash flow management may be helpful. While cash flows may be sufficient to cover expenses for the entire year, temporary differences may occur. For example, cash flows from income may be less frequent than cash flows from expenses, or they may be seasonal while expenses are more regular. Most expenses have to be paid monthly, and if some income cash flows are less frequent or only seasonal, you run the risk of running out of cash in any given month. For cash flows, timing is everything.

A good management tool is the cash budget, which is a reorganization of budget items that are presented in detail each month. Irregular cash flows can be mapped to the specific months they occur, allowing you to more clearly see the cash flow impact. Mark's 2010 cash budget is shown in the table atFigure 5.11 "Mark's box budget".

Figure 5.11Marks Barbudget

Financial plans: budgets (7)

Mark's original annual budget (Figure 5.8 “Mark's budget for 2010”) shows that while your income is sufficient to cover your living expenses, you are not producing enough cash to cover your capital expenses, particularly repairing the roof. In fact, even after using the money from your savings (the money market account), your cash flow would be down by about $6,870. If you need to make the investment this year, you can finance it with aCredit lineA loan structured so that money can be borrowed as needed up to a certain limit and repaid as needed, with interest being paid periodically, but only on the outstanding balance.: A loan where money can be borrowed as needed up to a certain limit and repaid as needed, with interest being paid only on the outstanding amount. Using the line of credit, Mark would generate an additional $321 in interest expense for the year.

The cash budget (Figure 5.11 "Mark's box budget") tells a more detailed and slightly different story. Due to Mark's seasonal income, if he fixes the roof in May, he will have to borrow $10,525 in May (before painter's income). You can pay this balance until October, when you have to roll it over again to pay the property tax. At the end of the year, your outstanding debt will be slightly higher than originally shown, with a final balance of $6,887. But your total interest expense will be slightly less, just $221, because your loan balance (and therefore interest expense) will be less some of the months you have the loan.

The cash budget (monthly budget) tells a different story than the annual budget because of the seasonal nature of Mark's income. Since you're planning investments before you earn any income from painting, you actually have to borrow more—and take on more risk—than you initially stated.

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The cash budget can identify risks, but also countermeasures that would otherwise not be apparent. In Mark's case, it is clear that capital expenditures cannot be financed without an outside source of capital, most likely a line of credit. You would have to pay interest on that loan, which incurs additional costs. This cost would be proportionate to the amount borrowed and the time for which it is provided. In his original plan, the investment would take place in May, and Mark would have to borrow about $10,525 and pay interest over the next seven months of the year. However, delaying capital spending until October would cost less because you would have to borrow less and pay interest in fewer months. An alternative cash budget illustrating this scenario is shown inFigure 5.12 Mark's Alternate Cash Budget.

Figure 5.12Alternative Barbudget Brands

Financial plans: budgets (8)

Delaying capital expenditures until October would also allow the money market account to build up value (Mark's seasonal income would be paid during the summer), thus funding more capital expenditures. You could borrow less and end the year with a deficit of $6,557 and your interest expense would only be $123 because you borrowed less and because you can wait until October to borrow and you only have to borrow three months out of the year to pay fees.

Timing is important to cash flow because you need cash before you spend it, but also because timing affects value. Therefore, it is always better to have liquidity earlier and hold it longer. A cash budget provides a much more detailed view of these time issues and the risks and rewards of cash management that you might otherwise have overlooked.

Other specialized quotes

A cash flow budget is a budget that projects a specific aspect of your finances, namely cash flows. Other types ofspecial budgetsA budget focused on a specific asset, activity, or financial objective.focus on a specific financial aspect or objective. A special budget is finally included in the general budget because it forms part of general financial activity. Usually reflects a specific activity in more detail, e.g. B. the implications of owning and holding a specific asset or engaging in a specific activity. You create a budget for that asset or activity by separating your income and expenses from your overall budget. Creating such a focused budget is only possible when you can identify your financial activities and separate them from the rest of your financial life. In that case, you might want to track a separate activity directly related to a specific goal.

Suppose you decide to backpack on weekends as a leisure activity. You will try for two years and then decide if you want to continue. In addition to assessing the pleasure it brings you, you also want to assess the impact it has on your finances. Backpacking on weekends often requires special equipment and clothing, travel to access a trail or campsite, and perhaps room and board: capital investment (in equipment) and then recurring expenses. You may want to create a separate budget for your investment and backpacking expenses to assess the value of this new recreational activity.

A common type of specialized budget is abudgetA budget that focuses on the tax consequences of planned financial activities., including activities (income, expenses, gains and losses) that have direct tax consequences. A tax budget can be useful for planning or anticipating an event that will have significant tax consequences, e.g. B. Income from self-employment; the sale of a long-term asset, such as a B. portfolio of stocks, companies or real estate; or a gift of significant property or the settlement of an inheritance.

While it can be valuable to isolate and identify the impact of a particular activity or progress towards a specific goal, that activity or goal is ultimately just one part of your broader financial picture. Specialized budgets should remain part of your overall financial planning.

the central theses

  • The cash flow budget is an alternative format used as a cash management tool

    • more detailed information about the timing and amount of cash flows,
    • a clearer view of risks and opportunities.
  • Specialized budgets focus on a specific asset or activity.
  • A tax budget is commonly used to track taxable activities.
  • Finally, specialized budgets need to be built into the general budget for a complete perspective.


  1. When is a cash flow budget a viable alternative to a comprehensive budget?
  2. Create a specialized budget and fiscal budget from your general budget.

5.4budget variations

learning goals

  1. Define and discuss the use of budget variances.
  2. Identify the importance of budget monitoring activities.
  3. Analyze budget variances to understand their root causes, including possible changes in micro or macro factors.
  4. Analyze budget variations to identify possible solutions and assess their feasibility.

ONEbudget varianceA difference between the actual results of your finance activity and the expected and budgeted results.occurs when the actual results of your financial activities deviate from your budgeted forecasts. As your expectations are based on knowledge of your financial history, micro and macroeconomic factors and new information, deviations occur either because your estimate was incorrect or because one or more of these factors changed unexpectedly. If your estimate was inaccurate, you may have missed or overlooked a factor, and knowing this can help you improve. If one or more of these factors has unexpectedly changed, identifying the cause of the discrepancy will provide new information that will help you better assess your situation. Deviations will, at the very least, alert you to the need to adjust your budget and options accordingly.

Once you create a budget, your financial life moves on. Since actuals replace forecasts, you should compare the budget to your actual activities so that you can identify any significant variances or variances from the expected results stated in the budget. Your analysis and understanding of variances provide new information to adjust your current behavior, prepare for the next budget, or perhaps realistically reevaluate your original behavior or goals.

The sooner you notice a budget deviation, the sooner you can analyze it and adjust it if necessary. The sooner you correct the deviation, the less it will cost you. For example, maybe you were struggling to live within your means, so you created a budget to help you with that. They came up with a plan so that total expenses equal total income. In his original budget, he calculated a certain cost for fueling his car, which he calculated by knowing the kilometers driven and the current price of gasoline. You stick to your budget and do it well. Suddenly, the price of gas goes up. Just like your monthly expenses. That means you have to

  • spend less on other expenses to keep your overall expenses within your budget,
  • Reduce your fuel costs by driving less and/or
  • Increase your income to offset these increased expenses.

In the short term, monitoring your fuel bills alerts you to change your financial behavior by driving less, spending less on other things, or earning more. If you find this increase in spending unbearable in the long run, you will also make other decisions to avoid it. For example, you could buy a more fuel-efficient car or change your lifestyle to drive less. The number and viability of your options will depend on the elasticity of demand for that particular budget item. But if you weren't careful, if you weren't monitoring your budget against the results that are actually occurring, you wouldn't have realized that a change was needed and you would have faced a staggering budget deficit.

It should be reiterated that once a significant budget variance has been identified, you must analyze what caused it in order to address it appropriately.

Revenue results from the sale of labor (wages) or cash (interest or dividends). If the yield deviates from your extrapolation, this is the reason

  • a different amount of work or liquidity sold at the expected price (for example, you had fewer paint jobs than usual, but your rates stayed the same),
  • the expected amount of work or liquidity was sold at a different price (for example, you had the normal number of contracts but earned less on them), or
  • a different amount of work or liquidity was sold at a different price (for example, you had fewer contracts and had to pay less to be more competitive).

Expenditure arises from the consumption of goods or services at a price. If an expense deviates from the expected result, it is because

  • an amount other than the expected price was consumed (for example, you didn't use as much gas),
  • the expected amount was consumed at a different price (for example, you used the same amount of gasoline, but the price of gasoline dropped), or
  • a different amount was consumed at a different price (for example, you used less gas and bought it for less).

It is helpful to isolate the cause of a discrepancy, as different causes dictate different solutions or possibilities. For example, if your gas bills have gone up, is it because you've driven more miles or is it because the price of gas has gone up? You can't control the price of gas, but you can control the miles you drive. Isolating the root cause allows you to identify realistic options. If the detour is too expensive in this case, then you will have to somehow solve it by driving fewer kilometers.

If your income goes down, is it because your hourly wage has gone down or because you are working fewer hours? If your salary has dropped, you should try to raise it by negotiating with your employer or finding a new job with a higher salary. Their success will depend on labor market demand and their usefulness as suppliers of labor power.

If you work fewer hours, it could be because your employer offers you less work or you have chosen to work less. If the problem is with your employer, you may need to renegotiate your position or find a new one. However, if your employer is hiring less manpower due to reduced demand in the labor market, it could be due to an industry or business cycle that could affect your success in making this shift.

If it's your choice of schedule that caused the discrepancy, it could be due to personal factors (you're getting older or your loved ones need more care and attention) that need to be addressed to allow you to work harder. Or maybe you could just choose to work harder.

Determining why you are deviating from your budget is key to identifying remedies and options. Putting these causes in the context of the micro and macro factors that affect your situation will make your viable options clearer.Figure 5.15 "The causes of a budget deviation"shows how these factors can combine to cause variation.

Figure 5.15The causes of a budget variance

Financial plans: budgets (9)

(Video) How To Build A Startup Company Budget! A Step-By-Step Guide.

After three months, Mark decides to look at his budget variances to make sure he's on track. The actual results from January to March 2010 are detailed inFigure 5.16 “Mark's actual income and expenses, January-March 2010”.

Figure 5.16Actual Income and Expenses by Mark, January through March 2010

Financial plans: budgets (10)

How will Mark analyze the identified budget variances? In Mark's case, income changes are positive. He got a few tutoring clients who committed to taking classes by the end of the school year in June; This new information can be used to adjust income. His souvenir shop is doing well; sales volume has not increased, but the souvenir market seems to be growing and prices are better than expected. The souvenir business is cyclical; economic expansion and rising disposable income are improving this market. Given the price volatility in this market and the fact that sales volume has not increased (Mark is not taking more trades, just more profitable trades), Mark will not be making any adjustments going forward. Interest rates rose; Mark can use this macroeconomic news to adjust his expected interest income.

Its outputs are as expected. The only variance is the result of Mark's decision to cut his travel and entertainment budget for this year (ie, give up his vacation) to offset overhead costs. He plans this investment for October, which (as inFigure 5.12 Mark's Alternate Cash Budget) will actually make it cheaper. Your adjusted cash budget is displayed inFigure 5.17 Mark's 2010 Adjusted Cash Budget.

Figure 5.17Mark's Adjusted Cash Budget for 2010

Financial plans: budgets (11)

With these adjustments, Mark is able to avoid taking on new debt and still be able to sustain the capital expenditures for the new roof. The higher income Mark can expect and the reduction in his expenses (if he sticks to his resolve) could fund the project and still leave him with some savings in his overnight savings account.

However, this situation requires continuous monitoring. Some improvements can be attributed to Mark's efforts (saving entertainment expenses, giving up his vacation, attracting new tutoring clients). But Mark has also benefited from macroeconomic factors that have tipped in his favor (rising interest rates, rising memorabilia prices), and those factors may tip in his favor again. He has tried to make conservative adjustments going forward, but is likely to continue to keep an eye on the situation, especially as it approaches October's relatively high investment levels.

Sometimes a deviation cannot be "corrected" or is due to a micro or macro factor that is beyond your control. In this case, you need to adjust your expectations to reality. You may need to adjust your expected results or even your end goals.

Variance is also a measure of the accuracy of your predictions; What you learn from them can improve your estimating and budgeting skills. The unexpected can always happen, but the better you can anticipate what to expect, the more accurate and useful your budgeting process will be.

the central theses

  • Identify and analyze discrepancies between actual results and budget expectations

    • identifies potential problems
    • identifies possible corrective actions.
  • The more often the budget is monitored in general

    • sooner adjustments can be made,
    • the most economical adjustments should be made.
  • Budget variations in income and expenses must be analyzed to determine whether they are caused by a difference in expenses

    • current value,
    • Current price,
    • the actual quantity and the actual price.
  • Variations also need to be seen in the context of micro and macro factors that are subject to change.


You work fewer hours, which reduces your income and leads to budget variance. Given the choice, what microeconomic factors could be causing this outcome? If the choice is your employer, what macroeconomic factors could be the sources of the variance? What opportunities do you have to increase sales? Alternatively, what could you change about your financial behavior, budget or goals to improve results?

5.5Budgets, financial statements and financial decisions

learning goals

  1. Describe the budgeting process as a financial planning tool.
  2. Discuss the relationships between financial statements and budgets.
  3. Demonstrate the use of budgets when evaluating options.
  4. Identify the factors that affect the value of options.

Regardless of the type of budget you create, the budgeting process is an aspect of personal financial planning, a tool for making better financial decisions. Other tools include financial statements, risk assessments and the time value of money, macroeconomic indicators, and microeconomic or personal factors. The usefulness of these tools is that they give a clearer idea about “what is” and “what is possible”. It puts your current situation and choices into a larger context, giving you a better way to think about where you are, where you want to be, and how to get from here to there.

Mark must decide whether to go ahead with the new roof. Assuming the house needs a new roof, his decision really just depends on your financing options. An analysis of Mark's budget swings showed that he can actually pay the cap with the savings in his call money account. That means his goal is more achievable (and cheaper) than originally budgeted. This good result is due to efforts to increase revenue and reduce expenses, as well as the macroeconomic changes that favored it. Mark can then move towards his long term goals of building his wealth base. You can continue to save for retirement with deposits into your retirement account and continue to improve your property with a new roof on your home.

Because Mark finances the roof with savings in his money market account, he can avoid new debt and therefore additional interest costs. You'll lose interest income from your money market account (which is negligible as it's only 0.09% of your total income), but increases in your tutoring and sales income will make up for the loss. Mark's income statement will be largely unaffected by the cap. Your cash flow statement shows steady operating cash flow, high capital expenditures, and use of savings.

Mark can finance this increase in assets (his new cap) with another asset, his cash account. Your balance does not change significantly, the value simply changes from one asset to another, but the escrow account generates income that the house does not, although there may be an appreciation if the house is sold in the future.

Interest income is currently negligible, but as this appears to be a period of rising interest rates, the opportunity cost of lost interest income could be significant in the future as account balances increase.

Additionally, Mark transfers value from a highly liquid money market account to a less liquid home, reducing its overall liquidity. In the future, this loss of liquidity can create more opportunity costs: it can limit your options. Mark's liquidity will be practically maxed out, so future investments may have to be financed with debt. If interest rates continue to rise, it will make future investments more expensive to fund, prompting Mark to postpone or even cancel these expenditures.

However, Mark also has a very reliable source of liquidity in his income: his paycheck, which can offset this loss. If you keep generating free cash flow to grow your savings, you can restore your cash and liquidity account. Without dependents, Mark is better able to take the risk of depleting his cash flow now and relying on his income later to build it up.

The opportunity cost of losing liquidity and interest income is less than the cost of new debt and new interest expense. Interest on loans is always higher than interest on savings deposits. Banks always charge more than they pay for liquidity. This onegreasedA difference between two interest rates, expressed in basis points. The most commonly observed spreads are those between government bonds and corporate bonds of the same maturity., or the difference between these two rates, is the bank's profit, so the bank's cost of buying money will always be less than the price at which it sells it. The additional risk and new debt obligations can also create an opportunity cost and make it difficult to finance future investments. Therefore, financing investments with an asset rather than a liability is more cost-effective now and in the future, as it creates fewer obligations and more opportunities, less opportunity cost and less risk.

The budget and financial statements allow Mark to project the impact of this financial decision into the broader context of his current financial situation and ultimate financial goals. Your understanding of opportunity costs, liquidity, time value of money, and personal and macroeconomic factors will also help you evaluate your decisions and their consequences. Mark can use that decision and its results to inform his next decisions and final horizons.

Financial planning is an ongoing process of making financial decisions. Financial statements and budgets are ways of summarizing the current situation and projecting election results. Balance sheet analysis and plan variance analysis are ways to assess the impact of options. Personal factors, economic factors, and time, risk, and value relationships affect decisions because their dynamics (how they work and affect decisions) affect outcomes.

(Video) Difference Between Budgeting and Financial Planning (Budgeting vs Financial Planning)

the central theses

  • Financial planning is an ongoing process of making financial decisions.
  • Financial statements are ways of summarizing the current situation.
  • Budgets are a means of projecting election results.
  • Balance sheet analysis and plan variance analysis are ways to assess the impact of options.
  • Personal factors, economic factors and time, risk and value relationships influence decisions, as their dynamics influence results.


Discuss Mark's budget as a financial planning tool for making decisions in the following situations. In each case, how do Mark's decisions affect other financial planning tools? For each case, create a new budget that shows the projected impact of Mark's decisions.

  1. Mark injures himself on the elliptical and the doctor recommends physical therapy.
  2. A neighbor and a colleague suggest that he and Mark drive to work together.
  3. The carpenters inform Mark that his chimney needs repair and lining.
  4. Mark wants to stop tutoring and spend more time at his gift shop.
  5. Mark wants to get married and start a family and he needs to know when the time is right.


How do you say budget is not enough? ›

Many non-native speakers say "enough budget", but this is a mistake. You can say there is (or is not) enough money in the budget, we don't have a big enough budget, or enough room in the budget. When reducing the size of the budget, we can cut the budget or, more strongly, slash the budget.

What are financial plans and budgets? ›

short-term: With a financial plan, you typically track your progress on a quarterly or semi-annual basis. With a budget, you record your income and expenses on a weekly or monthly basis. Generally, the closer you stick to your budget, the more progress you will make on your financial plan.

How do you answer a budget experience question? ›

To show your experience with company finances, you can respond to the interviewer with an example of when your decisions had a financial impact on your company and how you dealt with it. If you underestimated the budget needed for supplies one quarter, relate how you dealt with and solved the problem.

What is a budget your answer? ›

Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.

What can I say instead of I don't have money? ›

Here are some alternative phrases that should come in handy if you have to explain your situation or turn down an invitation for financial reasons.
  • I'm running a little low on funds.
  • I'm feeling the pinch at the moment.
  • I'm temporarily in the red.
  • I'm nearly running on empty.
  • My resources are a little depleted.
8 Jan 2019

What is a good sentence for budget? ›

The film has a million-dollar budget. He's been trying to live on a budget of less than $1,500 a month.

How do you create a financial plan and budget? ›

Six steps to budgeting
  1. Assess your financial resources. The first step is to calculate how much money you have coming in each month. ...
  2. Determine your expenses. Next you need to determine how you spend your money by reviewing your financial records. ...
  3. Set goals. ...
  4. Create a plan. ...
  5. Pay yourself first. ...
  6. Track your progress.

What are the 3 types of financial budgets? ›

Depending on these estimates, budgets are classified into three categories-balanced budget, surplus budget and deficit budget.

What are the three 3 common budgeting mistakes to avoid? ›

Common budgeting mistakes and how to avoid them
  • Not finding the easiest way for you to track your budget.
  • Assuming your budget will be the same every month.
  • Not revisiting your budget.
  • Not setting aside money for unexpected expenses.
  • Forgetting to set aside money for enjoyment/things you want to do.
14 Sept 2022

How do you justify your budget? ›

The budget justification should:
  1. Provide a general description of the line item;
  2. Explain how the line item relates to the activities outlined in the work plan;
  3. Verify the cost of line items by describing how they were arithmetically determined. ...
  4. Reflect the itemized budget, presenting justifications in the same order.

What is a financial budget? ›

Financial budgeting is the process of planning company expenses and revenues for a time period. Budgets set forth the plans of management in financial terms. This includes allocating financial resources and identifying available cash flows for required spending.

What are the 7 types of budgeting? ›

The 7 different types of budgeting used by companies are strategic plan budget, cash budget, master budget, labor budget, capital budget, financial budget, operating budget.

Can you explain the budgeting process? ›

Budgeting is the planning and approval stage in this process. Accounting and auditing of government expenditures (e.g. internal and external controls) comes in later. The budget process is the process through which government incomes and expenditures are determined and allocated.

How do you say I need more money in a professional way? ›

How to ask for more money
  1. Be confident and positive. Walk into the room with confidence and good posture. ...
  2. Ask questions. ...
  3. Prove your value. ...
  4. Start the salary discussion. ...
  5. Keep it professional. ...
  6. Use smart negotiation techniques. ...
  7. Listen and ask questions.

What is a person with no money called? ›

1. Poor, impecunious, impoverished, penniless refer to those lacking money.

What are 5 sentences examples? ›

5 sentences: The police department in my town is just around the corner from my house. Every summer I try to find the biggest tree around to climb. My mom always complains that my socks stink after I get home from camp.

What is budget explain with example? ›

A budget is expressed in financial and/or quantitative terms. A business concern's activities and operations are expressible in different units. For instance, the material budget is expressed in terms of weight, the labor budget in terms of labor hours, and the sales budget in terms of sales territories.

What is an example of financial plan? ›

The main elements of a financial plan include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan.

What are the types of financial budget? ›

Different types of budgets
  • Master budget. A master budget is an aggregation of lower-level budgets created by the different functional areas in an organization. ...
  • Operating budget. ...
  • Cash budget. ...
  • Financial budget. ...
  • Labor budget. ...
  • Static budget.

What are the 7 steps to planning a budget? ›

How to make a budget in 7 steps
  1. Figure out your income. Start by making a list of all the money you have coming in each month. ...
  2. Map out your expenses. Figure out where your money is going by making a list of your expenses each month. ...
  3. Calculate your balance. ...
  4. Identify your goals. ...
  5. Make a plan. ...
  6. Stay on track. ...
  7. Talk to an expert.
4 Jan 2022

What is basic financial planning? ›

Financial planning involves taking a comprehensive look at your financial situation and building a plan to reach specific goals. Some of the most important elements of planning finances include making a budget, building emergency savings, paying off debt, and working toward long-term goals.

What is financial plan process? ›

The financial planning process is evaluating your net worth and risk profile, setting short to long-term financial goals, and revising your goals overtime if necessary. It also involves strategies on how to retire without having to worry about finances and securing your family's future.

What are the 4 steps in planning a budget? ›

The following steps can help you create a budget.
  1. Calculate your earnings.
  2. Pay your bills on timeTrack your expenses.
  3. Set financial goals.
  4. Review your progress.
17 Sept 2019

What are the 5 basic elements of a budget? ›

Five elements of a good budget
  • Plan out every cent. A budget is essentially a blueprint for what you are going to spend in the next month. ...
  • Know much you make. If you're going to create an accurate spending plan, you need to first know how much you're working with. ...
  • Treat yourself. ...
  • Base yourself in reality. ...
  • Be flexible.
29 Apr 2015

What are the 5 basic categories of a budget? ›

They're usually categorized under housing, transportation, food, utilities, insurance premiums, and other essential costs.
  • Housing (25-35 percent) ...
  • Transportation (10-15 percent) ...
  • Food (10-15 percent) ...
  • Utilities (5-10 percent) ...
  • Insurance (10-25 percent) ...
  • Medical & Healthcare (5-10 percent)
18 Oct 2022

Which budgeting method is best? ›

Simple and sweet.
  • The 7 Best Budgeting Methods.
  • The Balanced Money Formula.
  • Cash-Only Budgeting.
  • Zero-based Budget.
  • The 60% Solution.
  • The “No Budget” Budget.
  • Values-based Budget.
  • The Root Budgeting System.

What are the 4 keys to have a successful budget? ›

4 Keys to Successful Business Budget Management
  • Step 1: Build A Forecast And Budget For The Year. Before enforcing any budget, you need to set one up. ...
  • Step 2: Make Sure You Have Accurate Bookkeeping. ...
  • Step 3: Track Actuals Versus Budget. ...
  • Step 4: Identify Time Periods For Setting Your Budgets.

What are five qualities of a good budget? ›

10 Characteristics of the Best Budgets
  • Has been measured against actual spending activities for a period of time (tracking)
  • Is realistic for your situation.
  • Allows for savings, especially for emergencies.
  • Helps you work toward stated goals.
  • Has “rewards” built into so that you aren't depriving yourself.

What are the 6 budgeting basics? ›

Six Basics of Building Your Budget
  • Calculate Your Income.
  • Categorize Your Expenses.
  • Evaluate Your Spending.
  • Follow the 50/30/20 Rule.
  • Track Your Purchases.

What is the most common reason a budget will fail? ›

Unrealistic goals

The most common reason budgets fail is that some individuals set unrealistic goals. While every reasonable budget aims to cater to your financial history, needs, and goals, it can be tricky to expect your budget to solve all your financial problems.

What is the hardest part about budgeting? ›

The hardest part of budgeting for most people is unexpected expenses. These may be unexpected, and sometimes unpleasant, but you can still plan for them.

What should you not do in a budget? ›

Read on for seven common budgeting mistakes and how to avoid them.
  1. Guessing at Costs. ...
  2. Leaving Out Expenses. ...
  3. Not Tracking Spending. ...
  4. Leaving Savings Out. ...
  5. Being Overly Restrictive. ...
  6. Planning Around Gross Pay. ...
  7. Not Working as a Team.
23 Jul 2022

What is a good reason to budget? ›

So, why is budgeting important? In short, budgeting is important because it helps you control your spending, track your expenses, and save more money. Additionally, budgeting can help you make better financial decisions, prepare for emergencies, get out of debt, and stay focused on your long-term financial goals.

How do you write a good justification? ›

How to Write a Justification Narrative
  1. State Your Claim. A strong justification narrative begins with a brief statement of your claim, which will be the focus of your piece. ...
  2. Establish Reasons. Once you state your claim, begin providing the reasoning. ...
  3. Provide Support. ...
  4. Discuss Budgetary Issues.

How do you ensure a budget is accurate? ›

Our Blog
  1. Keep Budgeting and Forecasting Flexible. Rigid forecasts and budgets aren't very useful. ...
  2. Implement Rolling Forecasts and Budgets. ...
  3. Budget to Your Plan. ...
  4. Communicate Early and Often. ...
  5. Involve Your Entire Team. ...
  6. Be Clear About Your Goals. ...
  7. Plan for Various Scenarios. ...
  8. Track Everything.

Is a financial budget *? ›

A financial budget is a budget that is prepared to work out the short-term and long-term financial needs of an entity. It helps to understand the expenditure and income of the firm. In a budgeting sense, a financial budget helps to project the cash flows of the company over a specified period.

What is budget summary? ›

The Budget Summary includes budgeted amounts, encumbrances, transaction totals, and budget balances and is the online equivalent to the printed BSR.

What are budgeting techniques? ›

There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages, which will be discussed in more detail in this guide.

What are the principles of budget? ›

How to Budget: 8 Principles to Help You Succeed
  • Track Your Spending.
  • Know Your Minimum Expenses.
  • Determine Your Financial Priorities.
  • Budget for Large, Recurring Expenses.
  • Budget for Fun Things.
  • Make Your Budget Flexible.
  • View Your Budget as Always Evolving.
  • Find the Budgeting Method That Works for You.
23 Nov 2021

What is it called when you spend less than your budget? ›

Budget deficit– A situation where there is not enough money to cover expenses. Budget–An organized plan for saving and spending based on your expected income and expenses. Cash flow–Typically used to measure the health of a business, it calculates income minus expenses.

What is a negative budget called? ›

A budget deficit occurs when expenses exceed revenue and can indicate the financial health of a country. The term is commonly used to refer to government spending rather than businesses or individuals.

How do you professionally say you cant afford something? ›

Say “I'm sorry, I'm sure your product is very good but unfortunately I can't afford it right now. If things change I'll let you know. Thanks.

What is the best budget rule? ›

The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt. By regularly keeping your expenses balanced across these main spending areas, you can put your money to work more efficiently.

What is budget Golden Rule? ›

The "Golden Rule" of government spending is a fiscal policy stating that a government should only increase borrowing in order to invest in projects that will pay off in the future. Under the Rule, existing obligations and expenditures are to be financed through taxation, and not issuing new sovereign debt.

What are the 3 basics to having a budget? ›

Track your spending. Set realistic goals. Make a plan. Adjust your spending to stay on budget.

What are the 4 types of budgets? ›

The Four Main Types of Budgets and Budgeting Methods. There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based.

How do you handle budget variances? ›

When conducting a budget variance analysis, you have two options: taking corrective action to reduce future variances (this is used in static budgets), or adjust the budgets as required to match actual costs (used with flexible budgets).

What are three negatives of a budget? ›

In particular:
  • Budgets are only as good as the data being used to create them. ...
  • Budgets can lead to inflexibility in decision-making.
  • Budgets need to be changed as circumstances change.
  • Budgeting is a time consuming process – in large businesses, whole departments are sometimes dedicated to budget setting and control.

How do you overcome I can't afford it objection? ›

What to Do With the "I Can't Afford It" Objection
  1. Bring the focus back onto what they'll gain from the purchase. ...
  2. Attempt to understand why they don't believe that they can afford it. ...
  3. Offer them free resources in the meantime.
20 Oct 2020

How do you tell your boss you're struggling financially? ›

How to Talk to Your Boss If You're Struggling Right Now
  1. Schedule a separate chat. Book some time one-on-one with your manager that's dedicated to catching up as a check-in outside of your routine work discussions. ...
  2. Get specific with your struggle. ...
  3. Come ready with an ask or suggested solution.
4 May 2020

What to say when a customer says they can't afford it? ›

Instead of pressuring them, step back and say something like, “Thank you for sharing how you feel. I understand how it feels to be interested in a product or service you really like but feel you can't afford it.” By showing empathy, you reduce the pressure off your customer and start to build trust.


1. Financial Planning/Budgeting - Entrepreneurship 101 2012/13
(MaRS Startup Toolkit)
2. Financial planning and budgeting
(angelica bal)
3. Financial Planning, Budgeting and Forecasting Webinar
(furkan baltas)
4. Financial Plans: Budgets and Forecasts
5. Excel Budget Template | Automate your budget in 15 minutes
(Work Smarter Not Harder)
6. 2023 Yearly Budget | Single Income Yearly Budget | 39,000 THP
(Lisa Marie Budgets)


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