Question

What are strategies that can be used by new budget managers to avoid budget pitfalls or address fiscal problems (in higher education)?

Answer 1

There can be some ways through which budget pitfalls could be avoided:-

1) allocationa of budget must be realistic and attainable

For example, there should be availability of fund for all the allocations.

2)Expect the unexpected, and incorporate a contingency fund into your budget as, anything unexpected could occur.

3) tracking the time and expenses

4) budget must always be dynamic as conditions and situations change over time

5) spontaneous spending must be avoided.