Definition
The difference between what you planned to spend and what you actually spent, used to adjust future budgeting.
What to consider
- Regularly compare your actual spending against your planned budget.
- Identify any discrepancies to adjust your future plans.
- Use these insights to improve your financial discipline.
Real world scenarios
- At the end of the month, Ryan compared his planned budget to his actual spending and noticed a budget variance that helped him adjust future expenses.
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