budget-management

Vocabulary Word

Definition

'Budget-management' is the act of planning and controlling how we use our money within a specific time. It's like maintaining a money diet to make sure we don't overspend.

Examples in Different Contexts

In financial management, 'budget management' involves overseeing and controlling spending to stay within allocated financial resources. A finance manager might advise, 'Effective budget management requires regular review of expenditures and revenue to avoid deficits.'

Practice Scenarios

Marketing

Scenario:

The new campaign launch is important, yet our marketing budget is restricted. Using every single dollar effectively will be our challenge.

Response:

Perhaps, a strategic approach to budget management could help us maximize our campaign impact within the set budget.

Business

Scenario:

It's clear our expenses are climbing. We need a practical and effective solution to balance our financial equation.

Response:

You're right. It might be a good idea to review our budget management practices to identify potential savings.