A long term budget differs in many ways from weekly, monthly or any other short term budget. For any household, even a yearly budget is a long term budget. There are a large number of factors which needs to be considered while making one. Any help which can make this long term budget preparation any easier is most welcome. So here are a few budget templates and examples which will help you understand long term budget preparation.
5 Steps to Write a Project Budget
Step 1: Have a Vision and Mission
Your organization’s vision will help you to think where you want to see it in the next couple of years. The mission defines what you are doing presently. It is important here to come up with these two first. Your mission will help you identify if you want to keep working in the same area you are working now or venture into new fields. A vision will chart a path for your future.
Step 2: Analyze the Current and Potential Situation
You need to analyze what is your current position and what you can achieve potentially. You need to understand the strength of your organization which will help you achieve your business or project goal. You also need to accept your weaknesses and find ways to mitigate their effect on your goal.
Step 3: Income Projections
If you are making a budget for, say, 5 years, the prices will definitely change or surely increase. It is natural due to inflation. While making sales or income projections, you need to take it into effect. You are also required to study the current capacity you are working at and future capacity as it must have been planned.
Step 4: Estimation of Expenses
Prices are increased due to the increase in cost. Labor, material and other direct costs for five years from now will not be charged the same. Surely the prices will increase so do take the effect of inflation in your budget. In the long run, fixed expenses can also undergo a slight change. Study them and take effect on the budget.
Step 5: Some Other Important Points
Just because it is a long-term budget and nothing is certain, it does not mean that you can put in any figures. Your budget needs to be realistic and justifiable. A proper strategy for the implementation of the same is also a must. The budget should be in alignment with your goals.
10+ Project Budget Templates
Go through these templates and examples to learn more about a long-term budget.
1. Yearly Budget Plan Template
For long term planning of your business budget, this budget template can be useful. It will automatically calculate the variance between your budgeted and actual income and provide a summary for quick reference. It is a print ready template which can be shared digitally with your business partners or team members.
2. Long-Term Research Budget Template
This is a budget sample template for your long term research project. It facilitates a budget plan for three years along with variance from your budget. It can be downloaded instantly. It supports all file formats. It is fully editable and printable. You can customize it as per your research project need.
3. Sample Long Term Budget Template
This is a simple budget template example for healthy nutrition of school children. It is just an example which you can refer to for making a long term budget for children nutrition. The different sources of investments or funding are separately written. The different costs are shown in their respective heads. In case of any other details, you can always write it in the notes section.
4. Long Term Project Budget Format
This is a sample budget template for requesting a grant for your long term project. All the expenses are estimated and whatever the total will be the requested amount of grant. There is a section to justify the amount you have estimated for every expense in order to avoid any confusion. You can refer to this simple format for preparing your own long term project budget.
5. Free Project Budget Template
This is a short and simple format of a long term business budget template for a university for a span of five years. This is an editable format which you can use to create a long term budget. Just fill in your details and you are ready to go. In order to make it more explanatory, you can add the required calculation to it.
6. Basic Long Term Research Budget Template
This is a sample budget for a long term project. It is a long term research budget which has a number of principal investigators. The whole budget is broken down for each principal investigator. Apart from the details covered in the budget, you can add whatever additional calculations or descriptions as per your research.
7. Long Term Personal Budget Worksheet
If you want to start saving for the future, you have to start it today with small amounts. Apart from monthly budgets, you can make annual or long term budget to ensure a future with no financial chaos. This financial budget plan template will be helpful in making an annual budget to determine how much you can save in a year or two.
8. Editable Long Tern Budget Template
For long term saving plan, you can use this sample financial budget template. The income section includes the total income which you get in your bank accounts along with your spouse’s income. Expenses are divided into fixed and flexible to give more clarity. A chart of saving is given at the top with the help of which you can estimate your saving in a particular time, say, 5 or 10 years.
9. Detailed Long Term Budget Worksheet Template
This is an annual budget template for your personal saving in the long run. This is an editable format where you can fill in the details of your annual income and expenses. It is a detailed worksheet which takes into account the tax deductions. Make sure that you are consistent in monthly or annual expenses.