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The Budgeting Process
Transcript of The Budgeting Process
Spending Plan to help you:
Live within your income
spend your money wisely
Reach your financial goals
Prepare for financial emergencies
Develop wise financial management habits
The Budget Process
1) Setting your financial goals
Specific (what are they)
Measurable (specific amount)
Action oriented (how)
Time based (when)
Steps 2 & 3
2) Estimating Income (available money for a given time period - usually a month). This is money you are sure you will receive.
Steps 4 & 5
4) Budgeting Fixed Expenses: Definite obligations. .
6) Recording Variations:
after establishing your spending plan, you will need to keep records of your actual income and expenses.
the difference between the amount budgeted and the actual amount received or spent.
: amount by which actual spending exceeds planned spending.
: amount by which actual spending is less than planned spending.
3) Budgeting and Emergency Fund and Savings.
Emergency fund: 3 to 6 mo. of living expenses.
Savings; treat as a fixed expense. Do not wait to see what you have left over at the end of the month.
5) Budgeting Variable Expenses: these are amounts that fluctuate by household situation, by time of the year, health, and a variety of other factors