![]() ![]() SUMIFS: Gain deeper insights into your budget And by knowing how to use a handful of formulas, you can analyze your finances like a pro. Google Sheets is an excellent platform for spreadsheet budgeting partly because its built-in formulas are so robust. And having all your financial knowledge in one place isn’t just convenient it increases the quality of your financial decision-making, which in the long-term, can lead to a much-improved financial life. They provide deep insights into spending habits, asset growth, and debt management. The budget is a tool for tracking progress and communicating with all relevant parties throughout the project lifecycle.įor more templates and more information on construction budgeting and project management, including how to calculate construction costs, see “ Excel Construction Management Templates.Spreadsheets are incredibly powerful budgeting tools. Review Your Budget Regularly: Cost estimates provide a starting point, and a budget allows you to control costs as much as possible over the course of a construction project.It is essential to communicate with all stakeholders during the pre-construction phase to ensure that the necessary parties have approved the project design and budget, that you have implemented the requested changes, and that you have addressed all potential issues. Get Approvals: Depending on the type of project you’re pursuing, you may be submitting a final construction budget to your boss for a green light, or you may be giving it directly to a client for approval.In a construction budget, you typically earmark a percentage of the total costs for contingencies. Budget for Contingencies: Include funds for contingencies in order to cover unexpected potential costs, such as price changes, project delays, or emergencies.Be Realistic about Materials: As you consider what materials to use - whether you are a contractor communicating with clients or an owner researching options - avoid overspending by seeking out competitive bids from suppliers and choosing products based on your current financial resources. ![]() ![]() You need to account for all of these costs in a construction budget - and, over the course of a project, you should compare the estimated costs to the actual costs in order to track spending. An estimate includes hard costs related to building construction, site work, and landscaping, as well as soft costs, such as engineering, taxes, insurance, permits, and fees.
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