Budgeting is the process of creating a plan to spend your money. Creating this spending plan (this Budget) allows you to understand whether you will have enough money to do the things you need to do or would like to do. (carry on reading or watch the video)
Budgeting is simply balancing your expenses – the money you spend – with your income – the money you receive.
If they don’t balance and you spend more money than you make, your Hotel will have a problem.
Always Begin by Setting Realistic Goals Goals for your money will allow you to make smarter spending choices. Decide what’s important to you and start there.
Precisely Identify your Income and Expenses You probably have a fair understanding of how much you can earn each month – but do you also know where it all goes?
Try spending as you normally would, but for a month, look at what you really spend. You might be amazed by what you find out?
Separate your Needs and Wants Will spending this money help my financial goals? Set clear priorities for the Hotel or your Department.
You will have to create your spending plan or budget for 12 months or more into the future?
Once you create your first budget, begin to use it. A budget has to be achievable. Make changes as time progresses.
“Don’t quit. Suffer now and live the rest of your life as a champion.” —Muhammad Ali