Weakness of Budget

Budget is the estimation of expenses and incomes. If we do not estimate our expenses and incomes correctly, our budget on the basis of incorrect data will become weak. So, first of all we should know where is the weakness of budget. I can not tell all the weakness of other's budget, but yes, yesterday, I had analyzed that
budget of my travelling was weak. Following were its main weaknesses.

1. I did not made budget correctly. I forgot to write some expected expenses in it. So, it is the weakness of my budget. When I went for travelling, I paid forgotten expenses. But you should not do this mistake. When you make budget, go to its deep. Every expenses estimated value should be included in it.

2. I suffered some losses which I did not include in my budget. Actually, my mobile handset lost in the way but I did not include this unexpected loss in my travelling budget.

3. We estimated all travelling expenses on the basis of past travelling which was the major weakness of our budget. Estimated amount of expenses should be updated on the basis of current time. In my case, 50% prices has increased. So, you should also updated your expenses during the time of budget.

4. We did not make the dead line of each expense in the budget. For example, we have made the budget of Rs. 20,000 expenses on travelling but we did not make its sub-part, means we have to show clear deadline of expenses like Rs. 5000 or one buying things cost Rs. 10,000 etc. because with this, we will get alert when we will reach the close of deadline of any particular expense.

5. One of the weakness of our budget is that we could not make any relationship between estimated expenses and time management. Suppose, we did not fix the time of shopping. Due to this, we felt the shortage of time. For reaching on the time for next journey, we have to pay more. Time management and its relation with each estimated expense is must. 


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Accounting Education: Weakness of Budget
Weakness of Budget
Accounting Education
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