Budgeting tips for today’s economy are no different from budgeting tips at other times. However, the state of global economies today will exacerbate the effects of not budgeting or sloppy budgeting.
What is Budgeting
Budgeting is a four-part on going process. The basic parts one and two are difficult to compute. Part one involves estimating resources needed in a future period to do specific goals. Part two follows with allocating needed resources. The often neglected but key parts three and four are crucial for the process to work well. Compare results with the estimate, and then take remedial action as needed. This is time consuming but must be done to see benefits.
God alone knows the future. Still, you need to plan under his guidance to do what he calls you to do. A well thought out budget will help highlight opportunities and challenges ahead so you might prepare to deal with them effectively.
Global Economic Overview
According to the National Bureau of Economic Research, the Great Recession started officially in December 2007. It ended in June 2009. Six years later, world economies are anemic. They are puttering along without signs of a recovery that might last for a while. Here is an excerpt from the IMF World Economic Outlook 2015: (more…)