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
A retirement budget worksheet is a tool that helps retirees estimate and plan for their expected expenses during retirement, as noted by the U.S. Department of Labor. It helps individuals identify fixed and flexible expenses that can be adjusted to allow for the retirement lifestyle the retiree desires.Full Answer >
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 >
One of the ideal ways to invest after retirement would be to create a diversified investment portfolio where excess retirement funds is invested in all level of equities from different industries, short-term and long-term bonds, mutual funds, real estate investment trusts and various commodities. A diversified portfolio is a good way to keep the investments safe while allowing it to grow slowly but surely, according to U.S. News and World Report. Full Answer >