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Budgeting vs Forecasting: Which Is Better?

Budgeting and forecasting are essential tools for managing finances and ensuring that you are on track to achieve your financial goals. Whether you are running a business or managing your personal finances, budgeting and forecasting can help you make informed decisions about spending, savings, and investments.

In this quick guide to budgeting and forecasting, we will cover the basics of budgeting and forecasting, as well as provide tips and strategies for creating effective budgets and forecasts. You should get a good idea of which one is right for you: a budget, or a forecast. 

What is Budgeting?

Budgeting is the process of creating a short-term plan based on current income and expenses. Budgets are not for planning because they are intended to apply to a specific period, usually one month. After the current month, a new budget is formulated for the next month without looking to the past or the future. A budget can help you:

• Track your spending: By creating a budget, you can see exactly where your money is going each month.
• Get an understanding of your discretionary spending. A budget can help you determine if expenses are reasonable or necessary and inform if you will have money left over at the end of the month.
• Identify areas for improvement: By analyzing your budget, you can identify areas where you can cut back on spending and save more money.

How to Create a Budget

Creating a budget is a relatively straightforward process. Here are the steps to follow:

Step 1: Determine Your Income

Start by determining your total income for the month. This should include your salary, any bonuses or commissions, and any other sources of income.

Step 2: List Your Expenses

Next, list all of your expenses for the month. This should include fixed expenses like rent or mortgage payments, utilities, and insurance, as well as variable expenses like groceries, entertainment, and clothing.

Step 3: Categorize Your Expenses

Once you have listed all of your expenses, categorize them into essential and non-essential expenses. Essential expenses are those that you must pay each month, while non-essential expenses are things that you could live without if you needed to.

Step 4: Calculate Your Net Income

Subtract your total expenses from your total income to determine your net income for the month.

Step 5: Adjust Your Budget

If your net income is negative, you will need to adjust your budget by cutting back on non-essential expenses or finding ways to increase your income. If your net income is positive, you can allocate the extra money to savings or investments.

To be quite frank, you can create a budget on a plain piece of paper, or even the back of an envelope. Budgets are simple, and while there are lots of budget templates available on the internet, you can do the arithmetic easily without them. Simply add all income and subtract all expenses. The difference should be positive. Keep it simple is the best strategy for most people, and a budget using paper and a pen or pencil is quickest and easiest and will do the job.

Budget Forecast Calculator

5 year budget forecast calculator.

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What is forecasting?

Unlike a budget, a budget forecast is far more useful, but also more involved. A forecast will let you know where you’ll be financially in the future, based on current and anticipated spending. Knowing the outlook of your likely financial position in the future, you can use this information to make adjustments to your current spending decisions. Forecasts apply time value of money algorithms along with projections of inflation to forecast your finances in the future.

Unlike month-by-month budgets, forecasts usually cover a 5-year projection. Financial projections beyond 5 years are generally in the realm of financial planning. Financial plans are long-term projections and are considerably more complex than budget forecasts and are not covered in this article.

Making a forecast requires a software program, and unlike the many budget templates online, or available for download, there are far fewer forecast programs because the calculations are costly to develop. For this reason, budget forecast software is relatively expensive, usually several hundred dollars.

Forecasting is the process of predicting future financial conditions based on past data and current conditions. It involves analyzing historical data, market trends, and other factors to estimate future revenue and expenses. Forecasting helps you make informed decisions about the future of your business (or family) by providing insight into potential opportunities and risks.

Steps for creating a forecast:

1. Creating a budget forecast involves several key steps, which include:
2. Define the budget period: Determine the timeframe for the budget forecast. It can be weekly, monthly, quarterly, or annually but 5 years is common.
3. Gather historical data: Collect financial statements, cash flow statements, and other relevant financial data for the past period to understand past trends.
4. Identify revenue streams: List all sources of revenue, including sales, subscriptions, advertising, and others.
5. Estimate revenue: Based on past trends, market conditions, and expected growth, estimate revenue for the budget period.
6. Identify expenses: List all expenses, including fixed and variable costs, such as salaries, rent, utilities, supplies, and others.
7. Estimate expenses: Estimate expenses for the budget period based on past trends and expected growth. This can be done by reviewing previous expenses and considering any changes in the market.
8. Create a budget using the forecasting software (all forecasts begin with a budget): Compile revenue and expense estimates into a comprehensive budget forecast. This should include income statements, balance sheets, and cash flow statements.
9. Review and adjust: Review the budget forecast regularly to ensure it remains accurate and make adjustments as necessary. This may include revising revenue or expense estimates based on changes in the market or unforeseen circumstances.
10. Monitor actual results: Monitor actual results against the budget forecast to identify any variances and adjust the budget as necessary. This helps to ensure the budget remains relevant and effective throughout the budget period.

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Financial planning and budgeting can be tough. So, let’s keep it simple.

Here are a bunch of quick and easy tricks to help you save money — on videos, groceries, gas for your car and more. Keeping it simple can be one of the most practical paths to saving.

1. Use an app to stop impulse buys

If your shopping habits feel out of control, get your phone on your side by installing an app like Opal. (There is also a version for the Chrome internet browser, if you shop on a computer.

Opal is designed to block apps that eat up too much of your money — or time — during certain times that you can customize. About 22% of users use Opal to block shopping apps like the Amazon app, according to The Wall Street Journal. So if you know a certain boring time of day lends itself to virtual window shopping, put a stop to it.

The basic version of the app is free, although there are paid options for finer control or professional coaching to manage your habits.

2. Fill reusable bottles with tap water

What are we doing, buying fancy water when it’s available for free out of our home taps?

Avoid that fancy French water in wasteful plastic bottles. Just pick up a solid, refillable water bottle and fill it with fresh, cold water before you head to the gym or out on a walk.

We’ve got more to say about bottled water, in “41 Things You Should Never Buy.”

3. Check out the library for movies and more

We all know that libraries lend books for free. But you might be surprised by the other things available to borrow from your local branch. Depending on the library, it’s possible to borrow movies, CDs and e-books.

Some libraries even offer things you may not know of: paintings, cake pans, tools and online language lessons, for example. All free.

As your librarian might say, “Check it out.”

4. Learn your ATM’s ABCs

Read the ATM rules at your bank or credit union to help avoid fees. ATM and other bank fees drain your finances.

Some financial institutions have deals with other businesses. For example, I once banked at a credit union that allowed free use of ATMs at all 7-Eleven stores.

Some financial institutions waive ATM fees if you maintain a minimum balance or make a minimum number of transactions in a specific time frame. You’ll find ATM rules at your bank’s website. Or, just call and ask.

5. Keep an eagle eye on automated payments

Setting up an automated payment can be handy for recurring payments — to your gym, for instance, or to online services for streaming entertainment or for charitable donations.

As the months go by, though, it’s easy to forget about the payment while money is being regularly sucked out of your account. Take a few minutes to log in to all each of your financial accounts — including PayPal — to track down and cancel recurring deductions you no longer want.

Even easier, use Truebill, a Money Talks News partner, to easily find and cancel payments with little effort.

6. Use reward points to save on gas

Pump up the savings! Many grocery stores partner with gas-station chains in programs that let shoppers accumulate points for gas when buying groceries. Punch in your phone number or scan your membership card at a participating gas station to save some serious money per gallon, depending on the points you’ve piled up.

If gas is a major expense for you, consider getting a credit card that earns extra reward points at gas stations. Money Talks News’ Solutions Center makes it easy to comparison shop for gas rewards cards.

7. Plant a garden

Grandma and Grandpa knew best: When it comes to fruits, vegetables and herbs, nothing tastes as good as homegrown.

Think about what you love best at the local farmers market, and assess whether it’s reasonable to grow those treats at home. Plant nurseries, county extension offices and libraries often have classes and lectures on how to get started.

Live in an apartment with no garden space? Those same experts often can tell you how to lease space in a community garden.

8. Stick to your grocery list

Mmm, that cake sure looks good! Hey, is that a new breakfast cereal?

Don’t go grocery shopping without a list. (And eat something before you go, so hunger doesn’t drive your decisions.)

If you have a list — on paper or on your smartphone — you’ll be more focused. You’ll be less likely to suddenly realize you’ve spent your whole budget and forgotten to get milk.

Check out: “The 27 Absolute Best Ways to Save on Food.”

9. Sign up for grocery coupon programs

Grocery stores typically offer electronic coupons through their loyalty programs. These can be great ways to save on grocery costs.

If you shop at the same chains often, signing up may be worth the effort. Often, the only membership identification you’ll need is your phone number. Look for more savings by logging into the program’s website or app before shopping.

10. Be a coffee achiever

Realistically, the occasional latte isn’t going to break your budget. But there are ways to trim your coffee costs.

If java joints are your soft spot, consider joining their rewards plans or pick up one of the shop’s punch cards.

11. Stock up on Forever stamps

When the U.S. Postal Service first issued Forever stamps in 2007, each stamp cost 41 cents. In 2023, they’re 63 cents.

But you can still use those 41-cent ones today, saving 22 cents off the current cost. Every little bit helps, and this tip pays off especially when you’re sending holiday cards.

12. Compare costs for paying annually versus monthly

People and businesses like to be paid in advance. By paying your balance due upfront — on insurance premiums, for example — you often can save.

So, compare costs before opting for monthly payments.

13. Join a local giveaway group

If you’re a Facebook user, perform a search for the name of your neighborhood. You’re likely to find a barter or giveaway group, in which neighbors offer each other used items.

Rules vary. Buy Nothing groups require everything to be offered free. Freecycle groups, as the name implies, also enable users to give and get stuff for free. Other groups allow trading or bartering.

If you’ve got a hobby — from tending fish to collecting Pyrex — seek out Facebook fans who share your passion. They often know where to find the best deals, coupons and trades.

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The post 13 Super-Simple Ways to Stop Blowing Money first appeared on Budget Financial Plan Calculators.

I love earning a flexible income and know many other people enjoy this as well. With inflation and so many other economical issues, more and more people are looking to side hustles and flexible streams of income.

If you earn more than $400 per year in freelance income, you’ll need to claim that income on your taxes.

Setting Aside Money For Taxes is Crucial

When I started freelancing, I was lucky enough to know other bloggers and freelancers who were already finding success. One of the main things they emphasized was to save a portion of your freelance income for taxes.

In 2015, I didn’t know how much I’d earn or if I’d even be successful. But I ended up earning around $9,000 that year in freelance income alone. I’m so grateful that I took this advice and set aside around 25% of my income for taxes.

However, there will still be several tax mistakes I made early on as a freelancer. Here are 4 mistakes to avoid at all costs.

1. Not Opening a Business Bank Account

Initially, I was so excited to start making money through freelancing that I didn’t even think about opening a separate bank account. I just sent invoices on PayPal or accepted deposits into my personal bank account. The idea of opening a business bank account never occurred to me. As far as I was concerned, I didn’t have a business. I was just hustling to pay off my debt.

When it came time to file taxes, my finances were a mess. It took a long time sort through my income to separate freelance payments from my W-2 income. I had a hard time remembering what certain payments were along with professional expenses like coaching, running my blog, etc.

Opening a business bank account is crucial because it makes it so much easier to track your freelance income AND expenses. When you file taxes, you need to submit a profit-loss statement and the process is much smoother when you separate your finances.

I understand that getting a business bank account can seem like a big deal. Some business checking accounts have strict requirements that you may not be able to meet. Keep in mind that just opening a separate bank account (designated for business finances) can suffice as well. The key is just to keep everything separate to avoid costly tax mistakes.

2. Missing the Quarterly Tax Deadline

Before freelancing, I had always just filed my taxes once annually before April 15th. However, freelancers should pay quarterly estimates throughout the year. As a freelancer or gig worker, taxes aren’t being withheld and you’re responsible for paying them.

At first, I understood this part and just thought I’d set aside of percentage of my freelance income each month. Then, I’d pay my taxes in a lump sum in the spring.

Here’s the thing. Freelancers who don’t pay quarterly estimates could be subject to a penalty fee from the IRS. When I got together with my accountant to file in 2016 AND 2017, I had to pay the penalty fee.

Yes, I made this mistake twice. The next year, I got more serious about meeting my quarterly estimated dates and asked my accountant to remind me.

For reference, the quarterly estimated tax payments deadlines for freelancers in 2023 are:

• April 15th (For Q1 income)
• June 15th (For Q2 income)
• September 15th  (For Q3 income)
• January 15th the following year (For Q4 income)

Learn more about paying quarterly estimated taxes here.

3. Not Tracking Expenses as Carefully Each Month

Not tracking business expenses carefully is one of the most common tax mistakes freelancers make. Freelancers are independent contractors and can, therefore, write certain expenses off when they file taxes. However, if you don’t track your expenses well enough, you won’t know what to deduct.

I realized I could claim costs for things like:

• My cell phone bills (when used to conduct business calls)
• Food and travel expenses for professional conferences
• Fees to host my blog
• What I spent on courses and training
• Contractors and virtual assistants I paid to help with my freelancing business

Filing taxes after year 1 and year 2 of freelancing was brutal because I didn’t really have a system to track these things. Instead, I’d be overwhelmed with reviewing past bank transactions for the past 12 months each spring. Not fun.

To fix this, I started using a bookkeeping software through GoDaddy. It was only $10 per month and automatically tracked my business transactions so I could categorize them. Unfortunately, GoDaddy booking is no longer in service and I’m thinking of switching to something else like Quickbooks.

Regardless, investing in a tool to help you track and categorize business transactions can be a lifesaver. You can easily download the reports from the software to ensure you can claim all qualifying expenses on your taxes.

4. Failing to Match My Income Records with My 1099s

If I earned a certain amount of income with a freelance client for the year, they would often send me a 1099 form. One time, I remember a freelancer friend of mine telling me how she was horrified that a client put the wrong amount on her 1099. Apparently, she had kept her own meticulous records of how much she earned with that client. What was shown on the 1099 was very off.

I remember thinking about how I had failed to even check my 1099s to compare it with my records. This could create problems in the future if a client reported something to the IRS and I reported something else.

From then on, I made it a habit to cross-check these tax documents and make sure clients know if the numbers were severely off. Clients are humans too and can easily make mistakes.

Summary: Avoid These Freelance Tax Mistakes Early On

I made quite a few tax mistakes early on my in freelancing career. However, there are still some things I got right including hiring a CPA who has experience working with freelancers early on. There is so much to learn when you freelance and it takes time.

But, if you can learn from others what no to do in certain areas, you’ll save yourself a lot of time, effort, and money.

This post was originally published on this site

The post 4 Tax Mistakes I Learned Early on from as a Freelancer first appeared on Budget Financial Plan Calculators.

We’ve made a budget expense list of non-monthly expenses to help you transform those turbulent ups and downs into smooth sailing (and saving) instead.

How to Budget for Non-Monthly Expenses

There’s nothing worse in the budgeting world than a rogue expense popping up and derailing your carefully calculated plan—and sometimes your checking account.

But really, non-monthly expenses aren’t unexpected…it’s more that they’re just easy to forget. Incorporating them into your monthly budget helps keep your financial plan organized and adds predictability to bills that pop up on an irregular basis.

So first, grab a notebook and a pen, or a fresh Word document, and ask yourself, “What are irregular expenses?” Don’t forget annual expenses like that AAA membership or Amazon Prime subscription that’s set to renew automatically!

Looking for more advice on how to budget for variable expenses?

Variable Expenses List

Here’s a list of expenses that you may want to include as budget categories:

1. Water bill
2. Trash service
3. Gas bill
4. Transportation costs (gas, bus pass, tolls, parking)
5. Auto maintenance (oil changes, new tires)
6. Car registration (license, tab renewal)
7. Car insurance premiums
8. Home repairs or maintenance (new roof, new hot water heater, new dryer)
9. Renter/home insurance
10. Health care (dental, eye care, therapy, health insurance deductible, etc.)
11. Clothing
12. Gifts (birthdays, anniversary, graduation, wedding, baby)
13. Charitable giving (tithing, spontaneous donations, etc.)
14. Computer/phone replacement
15. Software subscriptions (Adobe, iCloud, Squarespace, gaming service, etc.)
16. Entertainment subscriptions (Netflix, Hulu, Spotify, etc.)
17. Vacation
18. Gym membership/fitness
19. Education
20. Gaming
21. Christmas
22. Other Holidays (Fourth of July fireworks, Halloween candy, Mother’s Day brunch)
23. Hosting
24. Dates
25. Beauty (hair cuts, makeup, nails, etc.)
26. Property taxes (if they’re not rolled into a mortgage)
27. Movies
28. Phone bill
29. Life insurance
30. Warehouse membership (Costco, Sam’s club, Amazon Prime, etc.)
31. Credit card fee (some cards have yearly costs)
32. House decor
33. Banking (interest owed or fees)
34. Household goods
35. Pet care
36. Child care
37. Kids’ Activities (piano lessons, summer camp, etc.)
38. Kids’ Sports (travel soccer, lessons, cleats, etc.)
39. School fees
40. Braces
41. Weddings (for yourself or others)
42. Taxes
43. Lawn care
44. Stuff I forgot to budget for (there’s always going to be something…)

Once you’ve created your list, make sure those non-monthly expense items are included in your budget categories. Then take the total cost of each irregular expense category divided by 12, and voila! Suddenly your non-monthly expenses are as steady and predictable as the rest of your monthly bills when it comes to budgeting.

Look at you—on your way to achieving your financial goals. You’ll probably be hosting a personal finance podcast before we know it.

Do you have any non-monthly expenses that we forgot about in our list? Let us know in the comments!

If you’re new to budgeting, YNAB can help! Our Four Rules act as a decision-making framework for spending and our app is the perfect tool to help you save money, eliminate pesky debt payments, and finally feel in control of your finances. There’s no credit card required to try it on for size, so sign up now!

Try for Free!

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The post A Variable & Non-Monthly Budget Expense List first appeared on Budget Financial Plan Calculators.

If you’re trying to figure out how to budget with irregular income, we’ve got the solution for you.

We can’t change the fact that you don’t know exactly when or how much you will get paid, but we can teach you to be in total control of your money, and stop stressing about it! This eight-part series will teach you exactly how to budget successfully and meet your financial goals despite your irregular income.

You’ve got a good thing going. Maybe you sell real estate, (or subscriptions or packaging or pharmaceuticals), or you own your own business or take pictures or design websites or write copy. Some sort of job that involves fluctuating income.

You work hard—there is no doubt a lot of hustle involved—but you also have a lot of flexibility. Sometimes you can’t really believe that people pay you to do the thing you love, or use the app you developed, or that the more you sell, the more you’ll earn.

It might have seemed a little wild to the very responsible 9-to-5 people in your life, but you’re doing it. And it is a little wild. Especially the part about never knowing exactly what amount of money you will make or when that income is received. Yeah, it makes creating a budget to meet your monthly expenses more challenging.

But you keep telling yourself, you are living the dream. At least part of the dream? On some days? Because the rest of the time you are just plain stressed. Well, anxious and stressed.

And it’s probably not the work. It’s the money—or lack thereof—or maybe just the not knowing about the money and the waiting for the money. Or the flaky clients, late invoices, and unexpected expenses. Sound familiar?

The Irregular Income Rollercoaster

It isn’t just you. Living on an unpredictable income is a wild ride. The highs are high (So much work! Big invoices paid on time! New business! Extra money! Feeling rich!) and the lows are low (Uncertainty. Doubt. Fear. Feeling stuck and poor. Dwindling emergency fund. Credit card debt. So poor. What if you never get another job again?).

Or maybe you work seasonally, and a few large expenses blindside you just as you transition to your slowest months.You’re stressed about money just about every minute of the day—and night, because you can’t sleep when you are stressed about money.

Why did you ever think this would work?

Because it can. Once you understand how to tame the irregular income beast.

Oh, and also, once you accept, love and honor the all-knowing power of living a budget-based life.

Don’t Believe The Irregular Income Hype

The problem is, someone probably told you that budgets don’t work with irregular income, and you believed them. Or maybe your own experience has made you quite sure that “irregular income” is synonymous with money stress. You’ve tried to forecast. You’ve tried to budget. Nothing has worked.

The good news (yes, there is good news!) is there are a couple of simple reasons why what you’ve tried in the past hasn’t worked. And better yet, some very specific solutions you can put in place to change your relationship with your money, giving you more control of your finances and your business than you ever thought possible. Also—bonus!—the best sleep of your life.

Learn more about small businesses and budgeting with the Budget Nerds.

Everyone Needs A Budget—But Especially You

Let’s get this straight—everyone needs a budget. But you–you and your variable income–need one even more.

The budget will help you to flatten out the highs and the lows. The budget will give you boundaries so you aren’t always guessing. The budget allows you to save money, plan for the future, and position yourself to take calculated risks. The budget will give you the confidence to make better decisions. The budget will ensure that you can eat in all the months, not just the good ones.

If your budget hasn’t worked/isn’t working, it’s probably because:

1. Your Budget is Set in Stone.

Talk about a budget, and most people imagine something you set at the beginning of the month (or, worse, the year!) and then twist yourself in knots trying to match it. Or else you failed. Everything in your life changes week-to-week and day-to-day, why pretend a budget is different? Budgets can and should be flexible.

2. Your Budget Is Built Around Anticipated Income.

Budgeting money you don’t have yet is like a farmer promising exact deliveries of crops to his neighbors the day after he puts seeds in the ground. It doesn’t work. Instead, he should wait until the crops actually grow, then take stock and divvy them up appropriately. What you actually have is different from what you think you might have.

A budget that replicates itself each month without thinking or a budget built on a hopeful forecast of what money might come in is, at its best ineffective; at its worst, downright dangerous—especially with variable income.

Not Just Any Budget

You need a budget that is as nimble and adaptive as you are (or hope to be). You need a budget that works with the amount of income you already have in hand, and that helps you prepare for your future plans.  And the things you don’t know about yet. A budget that puts you in the driver’s seat.

Over the next eight posts in this series, right here in this space, we will teach you how to build and maintain a flexible budget that will become one of your greatest tools. Your business—and your life—will never be the same.

In the meantime, ask yourself, “What would I do with my career or my business if you weren’t always stressed about money?”

Next: Part 2: How to Make Spending Decisions When Your Income is Unpredictable

Have you been believing the “it’s too hard to budget with irregular income” myth? Take the first step towards changing your life with a free trial of YNAB!

34 Days for Free!

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The post How to Budget With Irregular Income first appeared on Budget Financial Plan Calculators.