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Does the budget need to balance?

11 years 2 months ago #163534 by beanfruit
Does the budget need to balance? was created by beanfruit
We're getting ready to prepare our PTO budget for next year and as I've been looking at budget templates, I notice a lot of them balance at 0.00 - that is they have expenditures to match all of their income.

I know this probably doesn't work in practical applications - this one example I saw had a beginning checkbook balance of 12,000 so my guess is that the previous year they didn't expend all they planned (that or they had a lot of extra income!)

I'm wondering how important it is to go into the year with a budget that balances at 0. Is it okay to budget so you'll maintain 10,000 in the checking account? We try to save up for a large purchase every few years so we don't want to plan to spend everything we have - just save a little more each year until we can purchase the big item.

Are we doing anything wrong by doing that?
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