The last step in creating a budget is to compare your net income to your monthly expenses. If you find that the average you spend on groceries each month is $433, you may want to round up and set the spending limit to $450. To calculate the average amount you spend on groceries, for example, add up all of your grocery spending during the past three months and divide by three. But fixed utilities, such as electric and gas, and variable costs, such as dining and household goods, often fluctuate month-to-month, so you'll need to do some math to find the average.įor these categories and any where you spending changes from month-to-month, determine the average monthly cost by looking at three months worth of spending. For example, debt repayment on a mortgage or auto loan will cost the same each month. You can look up your spending on bank and credit card statements.įixed expenses are easier to list on your budget than variable expenses since the cost is generally the same month-to-month. Help organization leaders develop alternate solutions if the recommended plans or budgets don’t meet the company’s needsĪs you’d suspect, a successful budget analyst requires plenty of financial know-how to make accurate calculations.After you separate fixed and variable expenses, list how much you spend on each expense per month.Use data to make spending and planning recommendations to organization leaders.Prepare regular financial reports and analyze data.Review budget proposals for accuracy and compliance with laws and regulations.Work with managers to develop program and department budgets.These are some of the job duties you can expect to encounter as a budget analyst, according to the BLS: They cover a wide range of daily job duties that allow them to best serve their organization through both calculation and collaboration. You might be surprised to learn that budget analysts aren’t tied to calculators and spreadsheets all day. Though they typically don’t make final spending decisions, their recommendations are a valuable asset for company leaders. They also help organizations plan for the future and assess the pros and cons of making large purchases. These expert number-crunchers aren’t just focused on past and current spending. They help to keep company finances organized by running regular financial reports, collaborating with executives about funding needs and assessing budget decisions about special programs or one-time expenses, according to the Bureau of Labor Statistics (BLS). Just like the job title suggests, budget analysts help organizations big and small stay on track with their finances by maintaining a balanced budget. Keep reading for our breakdown of everything you need to know about a career as a budget analyst. We’re unravelling all the details of a career as a budget analyst so you can make the right calculation about whether this should be your next job title. What if it turns out you don’t like the day-to-day job duties, or if a budget analyst salary isn’t enough to tempt you away from your current job? You’ve come to the right place. Every now and then you wonder if your financial skills could be applied to more than just the weekly grocery budget, but a career as a budget analyst has remained a mystery to you. They know that if you can’t get a budget whipped into shape, then no one can. You’re the go-to numbers-person for everyone, from your family to your boss.
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