Budget - Page 7
What is Budget?
Budget is a financial plan that lists anticipated expenses and revenues over a specific period. It helps individuals and businesses to manage their finances, prioritize spending, and track their financial goals.
What are the types of Budget?
There are several types of budgets that you can consider based on your financial needs:
Zero-based budget: Every dollar is allocated to a specific purpose.
Incremental budget: Adjustments are made based on past budgets.
Activity-based budget: Allocates resources based on activities.
Flexible budget: Adjusts based on changes in revenue or expenses.
How to complete Budget
To complete a budget successfully, follow these steps:
01
Identify your sources of income.
02
List all your expenses and categorize them.
03
Set financial goals for saving and investment.
04
Allocate funds to each expense category based on priority.
05
Review and adjust your budget regularly to stay on track.
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