Source
The amount of money or resources earmarked for a particular institution, activity or time-frame.
A budget is also an itemized summary of intended expenditure; usually coupled with expected revenue.
Budget also means a financial plan for a defined period of time usually a year. It may also include planned sales volume and revenues, resource quantities, cost and expenses, assets, liabilities and cashflows.
Different corporations, organisations, governments and private bodies make budgets in the day to day running of their businesses. Below are the basis steps to follow when preparing a budget:
Update budget assumptions.
Review bottlenecks.
Available funding.
Step costing points.
Create budget package.
Obtain revenue forecast.
Obtain department budgets.
Obtain capital budgets requests.
Update the budget model.
Review the budget.
Process budget iterations.
Issue the budget.
Load the budget.
The number of steps noted here may be excessive for a smaller business, where perhaps just one person is involved in the process. If so the number of steps can be greatly compressed, to the point where a preliminary budget can possibly be prepared in a day or two.
**WAYS O PREPARE A BUDGET WHEN YOU'RE BROKE. **
Avoid immediate disaster.
Prioritize bills.
Ignore the 10% savings rule.
Review spending.
Eliminate unnecessary expenses.
Negotiate credit card interest rates.
Keep a budget journal.
Seek new income.
REFERENCES.
Budgeting Terms and Tips. Investopedia, http://www.investopedia.com/terms/budgets.asp#iXzzz5LLIBDREI
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