Tips For Healthy Budgeting

Here are some tips when preparing your budget, be as objective and realistic as possible, look at your past results, know your marketing plan, then set your budget based on this. If it’s your first budget, know your market and project your numbers based on this. Remember to be realistic.

1. Before you start budgeting, know your financial objectives.
2. Have a manageable sized budget – monthly budget are good.
3. Know where your revenues are coming from.
4. Know what ALL of your expenses are.
5. Store your budget in a place you can easily access.
6. Accounting software can help you – consider getting one.
7. Ensure you are able to break-even, sales can cover expenses.
8. Have periodic reviews of your progress each month.
9. Your budget should tie into your marketing plan.
10. Always compare your actual results to your budget.