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Budgeting insights?

E1. Lessons households and businesses can pick from government’s budgeting process.

If you don’t budget, you cannot monitor your incomes. If you don’t monitor. You cannot improve.

  1. Do you have too much money to spend without anyhow? Then why spend your way to poverty?
  2. Have a strategy, plan and a budget.
  3. A budget is simply a statement of expected incomes and expenditure over a period of time – a day, week, month, year – the shorter the more accurate.
  4. The government’s budgeting process is very elaborate. Involving all key stakeholders in planning for this country’s 35 million people. It is a highly consultative process, until the budget is approved.
  5. Businesses and families too need to budget.
  6. Involve your stakeholders.
  7. Have a fixed percentage of your income for savings. First pay yourself first e.g. 25% of your total income set aside as a saving.

-Who needs it/ why it is important

  1. You cannot improve if you do not monitor your incomes and expenses. A budget is a tool to help you monitor.
  2. Everyone needs a budget. It helps you know whether you are stagnating or growing.
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