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The process involves review of the expenditures incurred by every department each year. It considers current expectations. On the basis of this, expenditures are allocated and revenues are estimated for the next period.
In other words, it is built around what is needed for the upcoming period, regardless of previous allocations made. The primary objective of it is to reduce unnecessary costs.
According to a recent report by KPMG, zero-based budgeting on discretionary spends for the coming 2-3 years could be beneficial. Questioning the very need for some of these spends could be a step taken by corporates. It will make them leaner and more profitable when growth starts to return.
AndreyPopov/iStock
(NEW YORK) In 2020, ABC News’
Good Morning America met the creators behind some unique methods to pay down debt. Thanks to the processes they shared, they’ve managed to eliminate as much as $215,000 in a few short years.
While their original tips can help you get closer to a debt-free life, they have even more advice on how to crunch numbers, frame your mindset and even save money while tackling your goals in 2021 and beyond.
Cindy Zuniga, The Zero-Based Budget
When Cindy Zuniga graduated from law school with $215,000 in debt, she had to work smarter to pay down the large loan, especially after putting $20,000 toward interest during the first year of repayment.