Budgeting insights?

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.

About M. B. Mugisa

Mustapha Barnabas Mugisa is one of those rare people who provides business consulting and advisory to professionals and corporate entities who demand the very best. He is a prolific speaker and governance (strategy and risk) expert. His speaking involves making key notes at major conferences and business events on both technical subjects and leadership skills. A change agent and motivational speaker. Mustapha provides tools and proven methodologies to remarkable results through making people appreciate change. Visit Mustapha's LinkedIn profile to know more. Mustapha is the architect of #WinningMindset Leadership and #WinningTheGame strategy approach that combines Harvard Business strategy Playing To Win, with the Blue Ocean Strategy and Balanced Score Card to deliver a strategy that is easy to execute and monitor. Visit www.mustaphamugisa.com for special insights to improve your condition. Are you too good to be great?

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