Own Your Budget - The Golden Rule for Budget Literacy

I was running a workshop with a group of budget owners recently. And the topic of discussion was Budget Literacy.

One of the participants started the discussion with:

“We want to have better conversations around our budgets.”

I asked them what their budget conversations were like at the moment.

“Our budget conversation are one sided at the moment. Here is your number. And that’s it. Until we get an update once a month.”

My take on Finance and budgets is that it is more about questions than numbers.

In particular, what are the questions that can get you looking behind the numbers. This is where the Literacy Lives.

As a budget owner, understanding what your budget is about is your starting point for having better budget conversations.

Drive the conversation with three key questions:

Where are we now?

Where do we think we will land?

What has changed since the last update?

Asking questions like these will generate the right conversations with the budget owners in your organisation. The Golden Rule of Budget Literacy.

Own your budget so it doesn’t own you.

PS: Are you ready to start owning your budget? Let’s have a chat

One sporting stat

Revenue for this year’s Australian F1 Grand Prix will surge past $A100M for the first time with tickets sold out and a surge in corporate hospitality.

Over 444,000 spectators attended the event last year, with 37 per cent new to the event.