Answer Posted / jitendra kumar

Budgeting in a business sense is the planned allocation of
available funds to each department within a company.
Budgeting allows executives to control overspending in less
productive areas and put more company assets into areas
which generate significant income or good public relations.
Budgeting is usually handled during meetings with
accountants, financial experts and representatives from
each department affected by the budgeting.

In a personal financing sense, budgeting can mean
estimating monthly living expenses based on previous bills
and wages. If your monthly income is a steady $3000, for
example, you can subtract all of your known monthly bills
from that figure even before they arrive. Some bills can be
estimated and subtracted from the original income figure.
The remaining balance after fixed expenses now becomes your
household budget. Instead of assigning dollar amounts for
sundries such as groceries, entertainment, gas and
clothing, budgeting allows you to use percentages instead.

The key to successful budgeting is both flexibility and
inflexibility. Certain expenses are fixed, so payment of
those bills should be an inflexible element. Nothing is
more important than paying those particular bills in full.
In business, departments need to know the absolute ceiling
on spending. Budgeting works best when very few exceptions
are made to the upper limits. The idea of fiscal
responsibility is to form a workable budget and stick to it
as best as possible.

Budgeting also requires an element of flexibility. It isn't
always possible to assign a fixed dollar amount on a
project in January and expect the budget to remain stable
in July. There are always unexpected events which can
drastically change the priorities of a company or an
individual. Without flexible budgeting, money allocated for
one purpose could not be reallocated during a fiscal
emergency. An unexpected drop in sales revenue in March can
affect the budgeting plans in November, so accountants and
financial officers need to adjust their figures regularly.

When economic times are good, many people become lax about
personal budgeting. As long as there is more money coming
in than going out, all is well. But those who learn to
establish a workable budget and keep within it during the
lean times often survive major financial crises better than
those who don't. Financial discipline can spell the
difference between weathering the storm and declaring
bankruptcy.

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