Budgeting vs spending plan
Date: Wed, 01/02/2019 - 23:09
Budgeting vs spending plan
What is the difference between budgeting and creating a spending plan? What comes first?
I feel that at first, you
I feel that at first, you should set aside the amount you want to save, then with the rest portion, set up a spending plan.
The basic difference which I
The basic difference which I find between budgeting and a spending plan is that a budget has limitations. When you set up a budget, you impose restriction on your expenses. But when you create a spending plan, there is a room for flexibility. You can prioritize your expenses so that the most essential funding priorities are met.
Budgeting means, you are
Budgeting means, you are creating a list of expenses for the whole month. And spending plan is you are determining how much you are required to spend on each category in your budget.