How to start owning your budget

“I really want to be part of the budget conversation next time around.”

This is what a budget owner said to me recently. They were frustrated that their budget had been put together without their feedback. And it was becoming apparent that it had holes in it.

This budget owner is not alone.

According to the Wall Street Journal, 6 out of 10 companies believe their annual budget targets are obsolete by the second quarter of the year.

Understanding what your budget is about will help you flag what has changed. What is no longer relevant.

By understanding what sits behind your budget, you can lead the conversation.

What has changed?

How does that impact our numbers going forward?

Own your budget so it doesn’t own you.

My gift to you

P.S.

A great way to teach your kids to “own a budget” is with pocket money.

Here is a book I wrote on the topic. My gift to you this Christmas.

One sporting stat

Manchester City beat Luton Town 2-1 in the English Premier League this week. And they did it without their highest paid player, Kevin De Bruyne, who is estimated to earn almost four times as much as the entire Luton Town squad.

It is estimated that Manchester City’s wage budget will be close to £200 million this season. Luton Town’s is estimated to be under £5 million.

You can find the full list of wage budgets here.