What is the Monthly Budget for Project?
The monthly budget is known as the fund and overall expenditure of the project within a month. And to help out the maximal use of money, work costs, and funds necessary for the project. The project budgets have categories: resource budget (for the allocation of the internal resources); financial budget (for the payment in external services). You can do some changes in projects according to the organization’s monthly expenditure.
How to use a Monthly Budget planner
Firstly, this spreadsheet is for explaining a budget by listing expenses and funds on monthly sources.
Secondly, you can easily delete or insert more columns and rows for projects of different lengths.
And mostly, you can calculate the total and subtotal in overall budgeting with the help of formulas.
- This template makes it easy to define and categorize all the costs and funds related to a detailed project.
- Added Fixed Costs columns to calculate the Budgeted amount.
- Multiple columns and rows for fixed costs and funds.
- Allows you to identify material and labour rates for each charge and automatically calculate it in the dollar amount.
- Historical Information
- Chart of account structure
- Use it for home projects, contract work, small service projects.
For Income Expenses-
Organizations having different sources of income make use of these income expenses.
- Internal Funding like- Customer Billing and Invoice
- Existing Revenue Streams
- External Funding like- Government and Foundation Grants.
Expenses mostly include operating expenses, like rent, payment advertising, and payroll. However, is an important part of budgeting.
Direct costs are another type of spending for what you spend on or what you sell. For example, the COGS for a grocery store are the costs of buying groceries that it resells to its customers.
Importance of project budgeting
- Budgeting is important for your project is because it provides the main things for project money control.
- Help in measuring the project’s actual cost with the approved budget, you can control if the project is progressing according to the plan or not in a corrective way.
- If a project has got a good budget then the scope, objectives, and goals of the project will also be enhanced and clear.
- To secure project funds and budgets
- Well-planned project is good for managing funds and costs.
- Project budget is an estimation of companies financial ability to work.
Need not invest in expensive budgeting software you can download and use our spreadsheet template.