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Budget Discussions

Brco

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The foundation of good personal finance is a budget. Start here to learn and ask questions about budgets and budgeting.
 
It's good that you created a thread for this but I feel you'd have gone a little step further by dropping your own tips and this would have been beneficial to a lot of us as well.
Majority of us are here to learn.
 
Its really good for one to discuss about the budget you he or she wants to carry on, so to know on how to plan about it because is very important to write it down before you can go about it.
 
Budgeting is nothing but planning about how you're going to use your resource in the future. The factors we should consider while budgeting is the most important and the most overlooked parameter 1)Time 2)Human Resource 3) Raw materials 4)Money. Money is the last looked at parameter. Time should be considered to do devise our strategy and plans and it creates an action plan.
 
It is very important that you should know how to create project as a business owner. This is going to bring you a lot of advantages like not overspending on a particular thing and it is going to help you to calculate your return of investment.
 
I am not sure a lot of people even understand but budgeting is today. It seems like people think finances are more complex than they really are. You just have to be smart with your money and not leave outside your means.
 
I make a monthly budget that I fail to comply with in a monthly basis. There are extra expenses and sometimes I needed to pay something in an urgent. Budgeting is really something that I find hard to maintain and I need more tips about it.
 
I don't know if many people understand this, but the budget is today. People seem to think that finances are more complicated than they really are. You just need to make your money smarter and don't neglect your money.
 
What I learnt so far in my years of earning, is that any money that you didn't plan well for would end up without achieving any reasonable thing for you. That is why before you receive any pay you must have a set plan on how you intend to spend that money.
 
A budget should entail all the amount of money you want to either spend or even loose because you can have budget deficit and at the same time budget surplus so therefore a budget shouldn't be made based on the total amount of money in your hands but rather on the amount of money you don't want to spend or lose.
 
Budgeting is really important. I think budget is a financial plan set for a period of time. In the plan, we decide how much we will spend on the available income, how to save money and avoid overspending or spending on useless things.
 
What I learnt so far in my years of earning, is that any money that you didn't plan well for would end up without achieving any reasonable thing for you. That is why before you receive any pay you must have a set plan on how you intend to spend that money.

I usually do not discuss my budget with all the people. However, I certainly do discuss it if I am in partnership with my business partner. I am talking about the budget of the company, though.
 
I usually do not discuss my budget with all the people. However, I certainly do discuss it if I am in partnership with my business partner. I am talking about the budget of the company, though.
If it is a partnership business , mismanagement of funds will not likely be rampant because more than one person has control of the business but this is not easy for people who are operating their own personal business.
 
If it is a partnership business , mismanagement of funds will not likely be rampant because more than one person has control of the business but this is not easy for people who are operating their own personal business.

Well, this is one of the main reasons why many people prefer to start their own business. However, if you have a really good understanding with your partner, then you could opt to get into partnership business.
 
It is very important that you should know how to create project as a business owner. This is going to bring you a lot of advantages like not overspending on a particular thing and it is going to help you to calculate your return of investment.
That is the thing everything business owner should learn how to do,because one might just be tempted to do the resource allocation based on impulse without adequate planning and that is a receipe for financial failure.
 
In budget, two things are important which are: Estimated Revenue and Estimated Expenditure. Estimated Revenue is the amount you should expected to make within a period, let say month. While Estimated Expenditure is the amount you should spend within a given period. If your monthly income is $700 (Estimated Revenue), you can draw your budget for the expenses you will have to take up during that period (expenditure). In budget, there's a column for miscellaneous budget. Miscellaneous is to cover for some unplanned event that require you to spend. Also, miscellaneous help to keep the budget going incase there sudden rise of goods.
 
I think it's super important to learn not to live above your means whenever possible. When my husband and I first got married, we were broke. That led us to make reckless decision with credit cards, loans, financing cars, etc. (We were also young & dumb). I'm still working on paying off a $9k car that was $23k after financing because I didn't have a good credit score. Even thought we make pretty good money now, we're still working to pay off all these bills that have added up from back then. Once you start to drown in debt, it's hard to get out from under it.
 
That is the thing everything business owner should learn how to do,because one might just be tempted to do the resource allocation based on impulse without adequate planning and that is a receipe for financial failure.

I would not discuss about my budget with anyone. This is because I handle my financial matters alone. I plan my budget according to my own plans and make strategies.
 
Having a budget is very good and I think that its the best to do just that but I will never discus that with anyone because sometime its very risky for someone like me I consider and think that anything budget suppose to be confidential
 
Having a budget is very good and I think that its the best to do just that but I will never discus that with anyone because sometime its very risky for someone like me I consider and think that anything budget suppose to be confidential

Making a good budget could save you a lots of money. I have tried to create two different kinds of budgeting plans in order to save more money in the end. I am trying my best to save money right now.
 

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