This is the process of finding, reviewing, and managing leakages in personal finance through budget monitoring whilst ensuring that expenses align with budgeted amounts. It is a critical aspect of financial management and helps individuals maintain financial responsibility
Purpose: Budget monitoring helps you keep a close eye on your finances; comparing actual spending to the budgeted amounts and making informed decisions about resource allocation.
Process: The budget monitoring process typically involves regularly reviewing financial position, analysing variances (differences between budgeted and actual amounts), and taking corrective actions when necessary.
Benefits: Effective budget monitoring can help you identify areas where spending is over or under budget, allowing you to make adjustments to avoid financial problems. Overall, budget monitoring is a crucial aspect of financial management that helps you maintain financial stability, make informed decisions, and achieve their financial goals.
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