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Budget Tracker Template

Updated: Feb 2

Use this template to track budget and actual spend during a project.



Introduction

The Project Budget Document is an integral management tool that provides a comprehensive view of the financial dimensions of a project.


Divided into three main sections—Budgeted Figures, Actuals, and Variance—this document aims to offer transparency, control, and foresight in managing project finances.


Example template showing budget figures

Example template showing budget variance

Purpose of the Budget Tracker Template

The primary objective of this budget document is to ensure financial discipline within the project as simply as possible.


By offering estimations, real-time tracking, and comparative analysis, the document facilitates decision-making and enables optimal resource allocation.


When and Where to Use?

This Project Budget Document is utilised:

  • At the project initiation phase for planning budget allocations.

  • Throughout the project lifecycle for real-time financial tracking and control.


Key Components

  • Budgeted Figures: This section outlines the estimated expenses for the project, providing a financial blueprint.

  • Actuals: This section records the actual expenditures as the project progresses, allowing for real-time tracking.

  • Variance: Compares budgeted figures with actuals to identify discrepancies and triggers corrective actions when necessary.


Each of these components is further broken down into five categories:

  1. People: Cost associated with human resources.

  2. Hardware: Expenditures on physical infrastructure.

  3. Software: Spending on software licenses, maintenance, etc.

  4. Third-Parties: Costs involving consultants, vendors, or any external agencies.

  5. Other: Miscellaneous costs that don’t fit into the above categories.


Additional Features

  • Detailed Categorisation: Allows for a nuanced understanding of where the budget is spent.

  • Real-time Tracking: Facilitates immediate financial decisions based on actuals.

  • Accountability: Assigns cost-centres, making it easier to hold departments or individuals accountable for their spending.


Why Opt for this Project Budget Document?

  • Financial Clarity: Provides a clear roadmap of planned vs actual spend.

  • Resource Optimization: Helps in redistributing resources effectively.

  • Risk Mitigation: Aids in early identification of financial risks and provides scope for corrective action.


For project managers and financial analysts, this Project Budget Tracker Template is a must-have, ensuring that the project remains financially viable from start to finish.




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About the author

Alan Parker is an IT consultant and project manager who specialises in IT governance, process implementation, and project delivery. With over 30 years of experience in the industry, Alan believes that simplifying complex challenges and avoiding pitfalls are key to successful IT management. He has led various IT teams and projects across multiple organisations, continually honing his expertise in ITIL and PRINCE2 methodologies. Alan holds a degree in Information Systems and has been recognised for his ability to deliver reliable and effective IT solutions. He lives in Berkshire, UK, with his family.

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