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Get to grips with budgets by A & C Black Publishers

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3 Understanding different types of budget

Most people need to have a basic grasp of budgets to do their job well. As we saw in Chapter 2, whatever industry you work in, you have to know how much you can spend on the task at hand, stick to it, and deal with unexpected events along the way.

Now you know how to draw up a basic budget, you can move on to understanding the bigger picture: budgeting. Budgeting is simply the name given to the process of working out what you expect to earn and spend in a given period. The size of budget you’re likely to come across will depend on your job; if you’re a manager in an established company or if you run your own business, working with budgets is not only unavoidable—it’s an essential skill.

If you run your ...

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