I get it. Managing project budgets is daunting when you start out. Suddenly, someone is giving you thousands to track and manage. You’re approving invoices for more than the cost of your household monthly outgoings.
I was lucky in that when I was very junior in my career, my manager gave me the job of tracking the project spending on a larger project. He was the main project manager, and I was part of the project team, managing smaller initiatives, a workstream, and the budget and risk management. Probably because no one else wanted those jobs! They aren’t the most glamourous part of project management, but the experience actually served me very well for the future.
I got used to the scale of the numbers we were dealing with.
But you have to start somewhere, and like me, you need to get your hands stuck into managing budgets before you get confident with the methods used for tracking, monitoring and controlling project finances.
When you’re starting out, you might need a bit of support with the processes and techniques for budget tracking. The infographic below shares 6 places you can go for help. Of course, you can also talk to your manager or mentor as the first point of call. There are lots of places to get help if you are new to project budgeting, and plenty of people prepared to give advice! After all, the business has a vested interest in you learning more and being able to manage the money confidently!
There’s more information about where to go for help with project budgeting (including some ideas of my favourite books) in this article.
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