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What does it mean to be a "budget owner" in terms of...

  • Role (e.g. were you a project manager or product manager)?
  • Responsibilities (e.g were you granted access to an account from which you could withdraw money?)

Could you please provide often used practices or some examples?

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  • Some roles' responsibilities are heavily company-dependent. Based on my experience, I'd add "budget owner" into this list. Unless some known body of knowledge has a specific technical meaning for this, I'd guess there won't be a canonical answer for this question.
    – Tiago Cardoso
    Commented Jan 21, 2022 at 13:08
  • @TiagoCardoso I'd be glad to get some examples or often used practices. Could you please share your experience?
    – Daniel
    Commented Jan 21, 2022 at 16:37
  • While questions about budget are potentially on-topic, the way this question is asked makes it more of a discussion and a request for anecdotes. Questions on PMSE should target canonical answers, rather than opinions or personal experiences.
    – Todd A. Jacobs ♦
    Commented Jan 22, 2022 at 22:20

2 Answers 2

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The Budget Holder is the individual who is ultimately accountable for ensuring that the budget is followed. Budget holders are usually the company's managers and operational directors, who are tasked by the company's owners/shareholders or board of directors with ensuring that the budget is followed. From your question, this can technically also be a project manager.

From experience, you can be granted access to an account and you can also receive funds for the budget into an account of your choice depending on the organization but whichever is meant to serve a goal which is to ensure that all financial transactions involving the company/project comply with existing financial rules and regulations governing them. The Budget Holder also decides how much of the company’s budget is allocated to each department or division.

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Being a budget owner technically is the ability to monitor your income steps and progress for a few months. You can do this by writing everything you spend in a notebook, via budgeting apps on your phone, or with that software you used in step 4 to review your spending.

How you track your money isn't as important as how much you are tracking. Focus on ensuring that every cent is accounted for by dividing your expenses into categories. Fine-tune and adjust the spending as needed after each month.

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