Budgeting, planning and forecasting is a process for determining and detailing an organization’s and personal, long- and short-term financial goals.
Budget Planning is the key to financial freedom.
Planning – outlines your financial direction and expectations for the next 12 month to three, five years and to retirement.
udgeting – documents how the overall plan will be executed month to month, specifying expenditures.
Forecasting – uses accumulated historical data to predict financial outcomes for future months or years.
Budget Planning may not sound like the most exciting thing in the world to do, but it is vital in keeping your financial house in order. Before you begin to create your budget it is important to realize that in order to be successful you have to provide as much detailed information as possible. Ultimately, the end result GFP will be able to show where your money is coming from, how much is there and where it is all going.