Mastering the Project Budget: 5 Quick Wins

Hi friend,

Let’s talk about money & project budget.

Keeping projects on budget is one of the biggest challenges. I have prepared for you 5 battle-tested strategies to help you manage your budget like a pro 👑

1/ Start with a contingency buffer (10-20%)

Projects rarely go exactly as planned. Unexpected expenses pop up, and approvals take longer than expected. To stay ahead, always allocate 10-20% of your budget for contingencies.

If you don’t use it, that’s a win. If you do, you’ll be grateful you planned for it!

2/ The 80/20 rule of spending

80% of your budget will likely be spent on the most critical 20% of project activities. Identify which parts of your project must be funded versus the “nice-to-haves.” This helps you prioritize spending and cut unnecessary costs when needed.

3/ Track budget in real time

Waiting until the end of the month to review expenses is a recipe for budget overruns. Use real-time budget tracking tools like Excel, Smartsheet, or Jira with financial tracking plugins to keep an eye on costs weekly.

4/ Align stakeholders on cost expectations early

Budget shocks happen when stakeholders assume unlimited funds or don't fully understand cost constraints. Have an upfront conversation about what’s in scope and out of scope to prevent surprise spending.

5/ Review Past Projects for Hidden Costs

Before finalizing your budget, look at similar past projects to identify hidden costs you might be overlooking - like overtime, last-minute vendor fees, or additional software licenses.

My bonus tip ❤️ : Staying within budget isn't just about cutting costs; it’s about smart planning and proactive management.

Last weekend students from my 3rd cohort of the CareerBootcamp graduated 🙂 and ready to meet the job market! I cannot wait to see them landing their dream jobs. No doubts, if you know the strategy, YOUR job will find you too. It’s not a luck at all.

If you want to build a strategy for yourself and work with me 1:1, I invite you to the power hour with me, where you feel supported and finally get clarity on your next steps.

Until the next issue,
Violeta