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You are interested in developing a budget but are struggling with the basics - do the numbers have to be exact? Can a budget have any flexibility in it? First, define what a budget is. Then develop a list of basic ground rules to budgeting that will help you or anyone you know create a good budget. Be sure to include a savings plan in your budget to save enough for an unexpected emergency that may come up at any time. Discuss the situations that might derail the budget along with a plan for you to deal with these issues.

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You are interested in developing a budget but are struggling with the basics - do the numbers have to be exact? Can a budget have any flexibility in it?

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In layman terms, a budget can be defined as a summary of financial plan for the estimated income and spending for a given period, usually a year. It is basically a list of all expenses, revenues, and savings. Budget allows individuals or firms to allocate limited financial resources to various expenditure areas and allows individuals/firms to plan for emergencies, contingencies and unexpected or unforeseen scenarios in advance. It provides a good overview of the financial situation that an individual or firm is expected to face in the coming period.

We do not expect a budget to be 100 percent accurate forecast of the future, but care should be taken to make ...

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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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