BUDGETING– Part 2
In the last part I promised to post the questions that were asked during the interactive section
THE HUB TALK QUESTIONS
How do I budget, what are the criteria to consider?
When do I actually budget, what are the criteria to consider?
What are the factors for effective budgeting and how do I overcome the challenges associated with them?
Should the fund available be considered before making a budget?
How do I cut recruiting cost without comprising the quality of the materials in the business?
How does one access the situation of a crumbling business and still maintain a stable budget?
How does one prioritize savings for investment vs paying for debts from cost of production?
What also causes loss on budget , when they cant differentiate between asset and liability?
Whatever removes money from your pocket is a liability and whatever puts money in your pocket is an asset. Knowing the appropriate time and knowing what is at hand too
This article is continuation of Budgeting Part 1
So what of the money that goes out of our pocket to bring in more money where should it be placed?
Well, I know this question may cross your mind.
As far as it brings in money into the pocket and positions itself to increase assets.
Actually, budgeting on the right asset to avoid loss, is the main aim, or else you have to create an avenue that your budgeted asset pays for your liability example, owing a business and investing the profit.
It depends; sometimes you need to spend in order to get back.
The question to ask is why do you need a car. If it’s a ‘need‘ get it provided you can, but if it’s a ‘want‘ you may wait until the time you need it.
Should the fund available be considered before making a budget?.
Well, this is ambiguous though.
Fund available may not be considered sometimes, but the kind of income you recieve.
Funds available can be considered when there is an urgent need to satisfy a need at a particular time.
When we talk about budget we also have to understand the actual project we want to achieve because sometimes one makes plans ahead of funds to carry out and see to the success of a particular project.
Now for a budget it depends on individuals to understand clearly what they can achieve with the available funds and how to raise money for a near future plans.
Income could come in weeks, months and even years later depending on plan or budgets one carried out as an investment.
That’s why when we plan to succeed in a career, we tend to make a lot of sacrifices and even spend more on budgets with the hope of gaining all we invested in the future as soon as possible.
In summary, you should understand clearly your income and budget with a proper plan of achieving your set goals.
Know that what is worth doing at all should be done possibly perfectly.
Then its more important to have a clear plan on gaining/recovering all you are investing in folds.
Thanks for reading…
Anchored by CHELSEA ADAORA
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