Create own budget for the month of April 2021. This must include Fixed and Variable expenditure plans; and the sub-heads within each of these two. Please remember to make margin for miscellaneous expenses and some savings as well. 2:At the end of the month, would compare the Budgeted vs Actual figures for the month- using the correct calcuations. 3: Reflections/experience on how their budgeting experience went
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
1: Create own budget for the month of April 2021. This must include Fixed and Variable expenditure plans; and the sub-heads within each of these two. Please remember to make margin for miscellaneous expenses and some savings as well.
2:At the end of the month, would compare the Budgeted vs Actual figures for the month- using the correct calcuations.
3:
Reflections/experience on how their budgeting experience went
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- Whether they maintained the budget as per plan- how did they achieve this;
- Whether they exceeded the planned expenses or managed to save some money- - how did they manage this;
- What they would like to do in the future to plan their budget effectively.
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STUDENT NAME |
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DATE |
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BUDGET MONTH |
01-30 April 2021 |
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MONTHLY INCOME |
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BUDGETED (AED) |
ACTUAL (AED) |
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Earned Income |
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Any other Income |
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TOTAL INCOME (1) |
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MONTHLY EXPENDITURE |
BUDGETED (AED) |
ACTUAL (AED) |
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FIXED EXPENSES Please add/delete- as applicable to you |
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Occur every period and are typically about the same amount.
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Housing |
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Education |
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Utilities (water, electricity, gas and so on) |
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Any Loans/EMIs |
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Insurance (car, health….) |
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Communication (Phone/WiFi…) |
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TOTAL FIXED EXPENSES (2*) |
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VARIABLE EXPENSES Please add/delete- as applicable to you |
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May or may not occur every period and do not have a constant value. |
Groceries/Food |
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Clothing |
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Entertainment |
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Transportation |
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Activities/Charitable causes |
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Miscellaneous expenses |
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Savings (recommended to PLAN it) |
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TOTAL VARIABLE EXPENSES (3**) |
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TOTAL EXPENSES (4) Note: 4=2*+3** |
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PROFIT or LOSS calculation = 1-4 |
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Adjustments required for the next month:
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