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Which is more important, planning budget or control budget?

Suba

Suba

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Whether personal or business will always make planning budgets and control budgets, these two financial management concepts certainly have different roles/functions. Budget planning to estimate income and costs that will be incurred in a certain period. guidelines for achieving financial goals or targets. Meanwhile, the purpose of the control budget is to monitor the implementation of the planning budget, such as spending not exceeding the figures in the planning budget. We can also use the control budget to evaluate all expenditures. So, in your opinion, which is more important, planning budget or control budget?
 
Both are extremely important but i think control budget plays a more bigger role. If there is no proper control, all the plans you have made would definitely go to waste. It's one thing to plan, it is another to control.
 
I feel that without a plan, One would be clueless about the control budget. When one has a plan, one can alot finances to various things according to the plan. And then one can bring the control budget in picture as to how to make sure that one does not overshoot his budget. One needs to learn to be within the limit of the budget. And that limit is set by a proper planning.
So, they both are equally important and interdependent. Without a planned budget, you can not decide the control. And if there is no control budget, your planning will not be fruitful.
 
arunima25 said:
I feel that without a plan, One would be clueless about the control budget. When one has a plan, one can alot finances to various things according to the plan. And then one can bring the control budget in picture as to how to make sure that one does not overshoot his budget. One needs to learn to be within the limit of the budget. And that limit is set by a proper planning.
So, they both are equally important and interdependent. Without a planned budget, you can not decide the control. And if there is no control budget, your planning will not be fruitful.
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When a person for example make expenses from debit card then in the big majority of cases he run out of budget even before starting any work unlike pay with cash feature while the person is more wise about this and calculates expenses as simple example.
 
magnus2022 said:
Planning budget is more important because it is the first step to take in any project. Without planning, you can't have a budget you will control . Planning is the fundamental while control iscjust supplementary.
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You make a good point there but without control all your Plans would go to waste. So i think it is best to have both to help balance things properly and as well make things easier.
 
saoussen5765 said:
When a person for example make expenses from debit card then in the big majority of cases he run out of budget even before starting any work unlike pay with cash feature while the person is more wise about this and calculates expenses as simple example.
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One has to find the way that works for him/her to control the budget once he has planned for it. It would be a personal choice to pay in cash or through cards. It's easier to keep an account with cash payment and may work as a control for few people. But personally, I like to pay through cards or digital transactions. It's easier for me to keep a track without the hassle of keeping an account separately. Also, with card payments and digital payments, I earn other benefits like reward points and cashback offers.
One has to see what works for him/her when it comes to controlling the planned budget.
 
eLdavis said:
Both are extremely important but i think control budget plays a more bigger role. If there is no proper control, all the plans you have made would definitely go to waste. It's one thing to plan, it is another to control.
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That's right, I agree with you. In my opinion both are equally important, but in my opinion budget control is much more important. What is the meaning of excellent budget planning, if budget control is not strict enough, so that expenditure will deviate from the budget plan that has been made.
 
Kirubel said:
In my view both planing budget and controlling budget have their own use, and i think we can't do both apart from each other, in order to control the budget we have to plan how to control it and what control mechanism to use.
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You have put the valid point..they both can not be done in isolation. They are interdependent. You need to plan a budget to start with. Your planning will decide the ways to control the budget. If you fail with controlling a budget, all the plan will go down the drain. They will work effectively only when they are done together.
 
arunima25 said:
You have put the valid point..they both can not be done in isolation. They are interdependent. You need to plan a budget to start with. Your planning will decide the ways to control the budget. If you fail with controlling a budget, all the plan will go down the drain. They will work effectively only when they are done together.
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That is very good explanation, we can't doo thus apart from each other, both planning budget and controlling budget are interdependent and they go along each other, both are used to control the money we spend on our day to day activates, even on investment both things planning and controlling budget are mandatory.
 
SHAHID987 said:
It's somewhat like, which one is easy reading examination notes or learning those notes, the answer is obviously to learn the notes so give it's exam. Same as implementation required in budgets, with planning nothing we'll be able to achieve.
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In the middle of the month, there are unexpected expenses that could change everything in the game, and you need to plan everything from the beginning, your assessment could be valid if there are no surprises.
 
It's difficult to say whether planning the budget or controlling the budget is more important, as they are both vital components of financial management. However, if I had to choose one, I would say that planning the budget is slightly more important. This is because a well-planned budget provides the framework for all subsequent financial decisions, including how to control the budget. Without a well-planned budget, it can be difficult to effectively control spending and ensure that financial goals are met.
 
Suba said:
Whether personal or business will always make planning budgets and control budgets, these two financial management concepts certainly have different roles/functions. Budget planning to estimate income and costs that will be incurred in a certain period. guidelines for achieving financial goals or targets. Meanwhile, the purpose of the control budget is to monitor the implementation of the planning budget, such as spending not exceeding the figures in the planning budget. We can also use the control budget to evaluate all expenditures. So, in your opinion, which is more important, planning budget or control budget?
Click to expand...
When we plan our budget it automatically gets control unless there's some unexpected financial problem.
 
Both planning the budget and controlling expenses are important aspects of managing finances. However, if I had to choose between the two, I would give top priority to planning the budget. Without a well-planned budget, it becomes challenging to keep expenses under control. Having said that, it is hard to deny the interdependence of these two factors. They complement each other and are both necessary for effective financial management. Just my two cents.
 
freelancermaria said:
Both planning the budget and controlling expenses are important aspects of managing finances. However, if I had to choose between the two, I would give top priority to planning the budget. Without a well-planned budget, it becomes challenging to keep expenses under control. Having said that, it is hard to deny the interdependence of these two factors. They complement each other and are both necessary for effective financial management. Just my two cents.
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What does relate to having two cents to planning the budget and controlling the expenses?
 
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