Budget Notes

A budget – whether it is for a show, an exhibition, an event or a personal budget – is your roadmap.  It allows you to look at the facts and make choices.  Would you rather have that set piece for the show or original music?  Would you rather spend more on where you live or go out more?

A wishful thinking budget is not only useless but dangerous.  It deceives you into making the wrong choices.  Therefore, ensure that your budgets reflect reality as accurately as possible – then they become useful tools for decision-making.

When making a personal budget, if you don’t know where your money goes, find out!  Track your spending for a week or two.

Now, make your budget balance.  Incoming must be greater than or equal to outgoing.  This is where your choices come in.  What do you value?  What are your priorities?

FAQ – Should I do a weekly or monthly budget?
A – This is down to personal preference, but I would suggest do it weekly if you get paid weekly, monthly otherwise.

07 October 2010 (nl)