Banking Investigate

Successful Budgeting Involves People

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Executive Summary

Successful budgeting goes beyond numbers. It depends on people management. Managing the budget numbers can be simple, but managing a budget takes people, not spreadsheets. While budget numbers are simple, budget management isn't. To make a budget work, you need to add real management. Successful budgeting depends on people management more than anything else. Every budgeted item must be "Owned" by somebody, meaning that the owner has responsibility for spending, authority to spend, and the belief that the spending limit is realistic. People who don't believe in a budget won't try to implement it. People who don't believe that it matters won't worry about a budget either.

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