how to manage your money at work – essence.com
One of the managers who interviewed me once asked me how good I was at budgeting. Ok, I had my standard three strengths and weaknesses prepared, some of my best work experience to date, and this guy was asking me about my budgeting skills. Sure, I kept a flimsy spreadsheet with a tally of my basic living expenses (climbing ever higher), but what did that have to do with me getting the job?
Fast forward a few years, and budgets are everywhere! Time budgets, departmental budgets, hiring budgets, various allocation budgets to keep track of while still achieving under budget results. From the accounting to the legal profession, through engineering and pretty much any discipline one can end up practicing, the King Budget reigns supreme! And not learning to develop budgeting skills effectively can stand in the way of a successful career:
1. Start at home! As technical as some professional budgets may sound, they are all based on the basic allocation of limited resources to a particular endeavor. Like your last $20 to lunch for the rest of the week! Or your entire shopping budget needing to fit into your increasingly smaller discretionary expense pool! Develop basic budgeting skills at home, and transfer what you know to the office!
2. Build a system! Whether you’re using the latest state-of-the-art budgeting software, or you’re still attached to your manual spreadsheets, you’ve got to have a system in place! Some basic tenets of effective budgeting, including maintaining evidence of resource allocation or reviewing the budget frequently, should be part of the way you manage your budgets at work.
3. Communication is key! One of the biggest culprits of effective budget management is lack of communication. While you may have the skills to build and maintain a time or resource budget, failing to effectively communicate expectations to your team or management may render the whole process ineffective. Speak to your manager or team about the budgeting process, get everyone involved and make it a team effort!
Do you think budgeting skills are crucial to your career? Mind sharing some tips?
The Corporate Sis.
