![The basics of budgeting](https://cdn.magzter.com/1373618752/1694760684/articles/a8Cklx3ve1694883323336/THE-BASICS-OF-BUDGETING.jpg)
Budgeting is the process of creating a detailed plan that outlines an individual’s or an organisation’s expected income and expenses over a specific period of time, usually for a month, quarter or year. The primary purpose of budgeting is to allocate financial resources effectively, set financial goals, and monitor and control spending to achieve those goals.
ELEMENTS OF A BUDGET
A budget starts by estimating all sources of income, such as salaries, wages, rental income, investments, or any other form of revenue. This represents the money coming into your business.
Budgeting also involves categorising and estimating all planned expenses or expenditures, including fixed costs, such as rent or mortgage or loan payments, variable costs, such as utilities and transportation, as well as wages, discretionary spending, and savings or investment contributions.
Budgets are created for specific time periods, such as monthly, quarterly or annually. Shorter time frames, like monthly budgets, allow for more frequent tracking and adjustments.
Remember that the estimates used in budgeting are based on historical data, previous spending patterns, market research, and financial goals. It is essential that these estimates are done accurately and honestly in order for you to benefit from the process of budgeting.
Once a budget is in place, it’s crucial to track actual income and expenses regularly. This allows for comparisons with the budgeted amounts, identifies variances, and provides opportunities for adjustments as needed.
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![More funding needed to flood-proof Olifants River](https://reseuro.magzter.com/100x125/articles/3894/1820211/VBasj4FXZ1725539857303/MORE-FUNDING-NEEDED-TO-FLOODPROOF-OLIFANTS-RIVER.jpg)
More funding needed to flood-proof Olifants River
Western Cape Minister of Agriculture, Economic Development and Tourism Dr Ivan Meyer recently handed over R14,98 million to the Citrusdal Water Usersâ Association.
![Zambia, Burundi agree to maximise agri potential](https://reseuro.magzter.com/100x125/articles/3894/1820211/1_uL8lGtf1725539759905/ZAMBIA-BURUNDI-AGREE-TO-MAXIMISE-AGRI-POTENTIAL.jpg)
Zambia, Burundi agree to maximise agri potential
In a bid to capitalise on the livestock and arable land in Zambia and Burundi, the two countries have agreed in principle to review the existing bilateral trade agreement in agricultural products under memoranda of understanding (MoUs) and to bolster foreign exchange earnings.
![Expanded market brings avocado season success](https://reseuro.magzter.com/100x125/articles/3894/1820211/gYsTt7Yxm1725539697707/EXPANDED-MARKET-BRINGS-AVOCADO-SEASON-SUCCESS.jpg)
Expanded market brings avocado season success
The South African avocado industry is making headway in India after gaining market access earlier this year. Supported by the World Avocado Organization (WAO), consumers and food businesses in India are being educated about the health benefits of regular avocado consumption and how best to use this fruit in Indian cuisine.
![Plan needed to enhance competitiveness of SA's deciduous fruit canning industry](https://reseuro.magzter.com/100x125/articles/3894/1820211/hIPDsywUj1725539549374/PLAN-NEEDED-TO-ENHANCE-COMPETITIVENESS-OF-SAS-DECIDUOUS-FRUIT-CANNING-INDUSTRY.jpg)
Plan needed to enhance competitiveness of SA's deciduous fruit canning industry
Dr Heinrich Jantjies, group risk, safety and security director at Tiger Brands, says the deciduous fruit canning industry has been on a decline in South Africa since 2016. He suggests implementing a Deciduous Fruit Canning Industry Recovery and Competitive Plan to turn the industry around.
![Kruger's memory lingers in his Boekenhoutfontein farmhouses](https://reseuro.magzter.com/100x125/articles/3894/1820211/o3E0Gk2-I1725539319019/KRUGERS-MEMORY-LINGERS-IN-HIS-BOEKENHOUTFONTEIN-FARMHOUSES.jpg)
Kruger's memory lingers in his Boekenhoutfontein farmhouses
Lucille Davie visits Kedar Heritage Lodge in North West to see the farmhouses Paul Kruger owned.
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From street art to feats of engineering, Bristol has it all
Brian Berkman visits the vibrant UK port city of Bristol and says two days are not enough to explore renowned graffiti artist Banksy's hometown and pop in at all the historical taverns.
![Managing broodmares and foals profitably and safely](https://reseuro.magzter.com/100x125/articles/3894/1820211/CMdKpFFox1725538948378/MANAGING-BROODMARES-AND-FOALS-PROFITABLY-AND-SAFELY.jpg)
Managing broodmares and foals profitably and safely
Broodmares and their foals are at high risk of stress, diseases and injuries if their management is suboptimal, says Dr Mac.
![Double cab's leisure features find favour](https://reseuro.magzter.com/100x125/articles/3894/1820211/EdKvhkQ4V1725538815110/DOUBLE-CABS-LEISURE-FEATURES-FIND-FAVOUR.jpg)
Double cab's leisure features find favour
The GWM P500 2.0T HEV 4x4 Super Luxury AT has launched in South Africa, and the bakkie takes aim at the more premium, leisure-focused offerings from rival brands. Car Magazine's Marius Boonzaier writes.
![More fungal diseases that can infect beans](https://reseuro.magzter.com/100x125/articles/3894/1820211/hGxapspAW1725538716535/MORE-FUNGAL-DISEASES-THAT-CAN-INFECT-BEANS.jpg)
More fungal diseases that can infect beans
Bill Kerr explains the symptoms of angular leaf spot and anthracnose and how to avoid infection in your fields.
![Keeping invasive insects at bay](https://reseuro.magzter.com/100x125/articles/3894/1820211/sCJt3-9so1725538531021/KEEPING-INVASIVE-INSECTS-AT-BAY.jpg)
Keeping invasive insects at bay
Featuring an array of delicious fruit from peaches to cherries, stone fruit is attractive to a variety of bugs that can be effectively controlled with integrated pest management, writes Zunel van Eeden.