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Banking & Budgeting

Banking and budgeting go hand in hand. In order to ensure financial stability and success, you need to develop and monitor a budget, which is a document that transforms plans into money. It is an informed guess about what you will need monetarily to get your activities done. You need to focus on a general organizational budget, as well as specific budgets for individual projects or purposes. This way you can determine what is needed to implement your plans. Budgeting is the solution to financial management.

In order to succeed, you need to have a sound understanding of the principles of banking and budgeting. Banking is a tool to help manage your money effectively. Within it, there are specific tools, like checking accounts, cash, credit cards, debit cards, loans, and online banking, that can help you. As you learn more about each tool within banking, you learn to manage your money and not allow your money to manage you.

It is very important that you plan, develop, and use budgets effectively. Foresight is critical; you should never develop a budget as you go along with your project(s). In order to use the principles of banking and budgeting effectively, you need clarity of purpose and detail in planning. Before you start preparing a budget, ask yourself questions, like:

  • Why am I budgeting?
  • What is my history with banking and wasting money?
  • Could I have spent less money last year?
  • What are my sources of finance?
  • What are my operational plans and estimated costs?

Remember that your banking and budgeting forecasts need to be consulted routinely in day-to-day matters. They should be checked every month and monitored on a regular basis. Be very realistic when you deal with your finances. Over ambition and denial can cost you money.