Every business goes through an extensive process in which they create and measure their finances against each year’s budget. As part of this activity, take your household monthly budget, and create a master budget that outlines each of the planned items you expect to have as a cost for the month. Use your job earnings, financial aid, or numbers of your choice as the revenue element here in the creation of your budget.
Consider the following in a 1-2 page Word document:
Explain your monthly master budget and the items included in it, and compare these planned items against what you spent on them last month.
Be sure to include the budget information you set for your household budget as a reference.
Calculate the variance you see from the planned to the actual you had from the previous month on each item.
Explain the overall master budget in your submission.