Motivation

Money Matters: Personal Budgeting for Critical Times

“If you fail to plan, you plan to fail” – Anonymous.

A budget is a financial plan for a defined period. Budgeting determines if a project will be successful or not. For corporate bodies, budgets are essential for operating at optimal productivity. Aside from allocating resources, a budget can also assist in setting corporate objectives, gauging outcomes and planning for eventualities.

Knowledge of personal budgeting is essential in managing an individual’s or family’s finances over both the short- and long-term prospect. No one can have too much money. In a way, budgets are a good way to know how to save costs and prioritize areas of needed resources. It can either be static or flexible.

A static budget remains unchanged over the life of the budget. It has nothing to do with cash flow. Regardless of changes that occur during the budgeting period, all accounts and figures originally calculated are just as they are. A flexible budget, on the other hand, is quite dynamic.

Creating and implementing a budget is not only for those who might need to monitor their cash flows every month because “money is tight.” Almost everyone, even people with large paychecks and buoyant bank accounts will enjoy the enormous profits of budgeting.

Categories: Motivation

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s