A person can create a time-phased budget by charting a certain period of time and then allocating resources to that specific period, states 4castplus. This type of budgeting allows individuals and organizations to better understand resource expenditures during particular periods, or phases.Know More
The basic format for a time-phased budget is to list time periods in the first row and specific resources in the first column, notes 4castplus. Typically, resources are items expended as part of the project or goal. For instance, a person may use time-phase budgeting to allocate hours spent throughout the day. Moreover, businesses may use time-phased budgeting to track costs over particular time periods.
Managers use time-phased budgeting to assess performance, according to Project Insight. Under this approach, time intervals are labeled in the first row, whereas the specific employee is labeled in the first column. The resources utilized by the employee are then entered in the intersecting row and column. A manager can track employee progress with this type of chart. However, it is important to consider the concept of a cost baseline when using a time-phased budget. This baseline represents the total cost allocated over a specific time period and should not be altered unless the scope of the specific project changes, notes Project Insight.Learn more about Financial Planning
To create a monthly budget, track spending, list all expenses, and allocate income to specific categories, recommends Consumer.gov, a website administered by the Federal Trade Commission. Knowing how you currently spend your money and what expenses you have on a monthly basis helps determine where your money needs to go.Full Answer >
When budgeting for a daycare center, it is important to factor in size of the facility, the number of staff needed, as well as the number of children the program will serve. Be sure to set realistic goals, as these factors will determine the maximum amount of profit the center can make, and will drive most of the budget and business decisions. The budget should be built around a basic mathematical equation of incomes received, minus the operating costs equals profit.Full Answer >
The most precise way to estimate future Social Security retirement benefits is to create a personal My Social Security account on the SSA.gov website, reports the Social Security Administration. Alternatively, individuals are able to use a number of calculators on the SSA.gov website to estimate benefits.Full Answer >
Anyone can create a holographic will by writing down his wishes for who inherits his property and signing the paper. A hand-written, unwitnessed will is legal in about half of the United States, while some states also require that a hand-written will also be dated. To be valid, a holographic will must be completely hand-written.Full Answer >