How does creating a budget improve the financial decisions you make in your personal life?
The concept of a budget is essentially a plan for the money you expect to receive and the money you expect to spend. While it might sound funny to create a plan without exact numbers, budgets help to ensure money is not overspent and aids in the practice of saving money. Although estimation accounts for a large portion of the budget, people who budget their money are typically more financially stable than those who do not. This is also true when organizing and planning for an entertainment broadcast, whether is it being produced on YouTube, Netflix or Network Television. Generally, the purpose of producing an entertainment broadcast is to generate funds. It is a product or service which is promoted and sold to viewers. Although viewers are not purchasing their viewership, viewership is what generates the revenue. It is imperative to create a budget that will distribute funds wisely and maximize profits.
When creating a budget, you must estimate your expected income and expenses. Income can simply be defined as the money received. Designing your entertainment broadcast to generate income in multiple ways is wise, especially if the intent is to raise funds. This can be accomplished through selling segment sponsorships, offering advertisement space and product placement deals. These are only a few options. Be creative when discussing ways to increase income. Expenses, or expenditures, can be simply defined as money spent. Expenses cannot be avoided when producing an entertainment broadcast. However, they can be minimized greatly through strategic planning. Some businesses may be willing to donate items or offer a discount in exchange for advertisement. Be persuasive and polite when soliciting assistance. A good sales pitch will go a long way. It is important to remember, when producing an entertainment broadcast, it is not uncommon to run into hidden or unexpected expenses. A good budget will allow for unexpected expenses and ensure financial success of the entertainment broadcast.
Life Application: Plan for the unexpected. Unfortunate circumstances will occur, and you will be glad you did.
Once your budget is complete, the budgeting process is not finished. Updating and adjusting your budget on a regular basis will allow for more accurate assessment of your goal achievement progress. It will also assist in making informed decisions regarding your entertainment broadcast.
Upon completion of this lesson, students will develop the skills through which they may:
Understand the importance and concept of budgeting.
Develop an entertainment broadcast budget.
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