PERCENTAGE Thirty percent (30%) of the wedding budget goes to food and venue, twenty-five percent (25%) of the wedding budget goes to the photographer and twenty-five percent (25%) of the wedding budget goes to the dress. Stick to this wedding budgeting tactic. No ifs no buts. Don't overspend on souvenir or invitation. A good place to look will be bargain stalls, which are situated in almost every city block. These budgeting tips can help you be keener to fashion, if you re the kind of person who is into fashion. This is so because you learn to accessorize to look great and not have to spend a lot on it. The money allotted for electricity, water and tax should not be disturbed anymore. Traditional budgeting versus zero base budgeting This is actually a new technique of planning and decision-making. It ultimately reverses the working process of traditional budgeting. In making a zero base budget, you do not need to refer to the previous level of expenditure as basis of a new one. In traditional references are given to the previous year estimates. Comparing your budgeted and actual results will help in evaluating whether you truly were sticking to your budget or not. You can prepare a budget to cover proactively any time period. Usually, a one-year period is developed. This annual budget is mostly projected on a quarterly basis, with each quarter detailed in months and/or weeks. The Australian National Audit Office has identified the advantages of activity based budgeting: The Advantages - Output costs are supported by a schedule of costed activities - Opportunities to examine work processes - Identifies non value-adding activities that can be eliminated - Basis of a performance measurement system and direct link between strategic goals and operational realities - Enables cost profiles to be managed - Accurate costing data for operational management - Costs are transparent, understandable and actionable Disadvantages - Activity definition may become too detailed and the model may become too complex and difficult to maintain - Underestimation of the task of collecting activity driver data - Implementation may be considered a financial management fad and there is insufficient commitment from operational managers Activity Based Budgeting Disadvantages - Usually requires buying Activity Based Budgeting software - Requires training of all managers including budgeting department - Requires people to really understand what drives their budget - Eliminates excuse that activity volume changed because it makes visible volume changes - Requires everyone to collect or estimate activity volume By understanding how resources are transformed into products or services, and byfocusing on the cost of activities, activity based budgeting helps an organisation to obtain a greaterunderstanding of how costs behave in their organization and which activities create significant amounts of cost. Since budgeting is about the future, budget decisions regarding the allocation of resources must be based on forecasts. Forecasts are significant because they predicting things like the next wave of technological change, the weather, and natural disaster, all of which can have important economic and budget implications.