Budgeting Tips – How to Create an Acceptable Grant Budget

Grant Budget is an important aspect of Grant Proposal; many organizations consider it part of the grant proposal structure. But to many applicants, it can be quite tasking; this is because trying to account for an unknown project can be very daunting at times. But there are still ways to come up with visible figures and a budget that has more smart planning and less guesswork. Below, we have briefly listed the steps you need to apply to come out with an acceptable grant budget. Read on.

5 Steps to Put Up An Acceptable Grant Budget

1. 1. Remember to Pay Yourself
   When writing your grant proposal, remember that every worker deserves to be paid, and in this case, you are the worker, hence deserve a reward. Not just by you, if you are working with collaborators, you must consider them in your grant budget too. It is also important that you figure out how much your time is worth and then compensate yourself and your colleagues.

2. Add the Income you are Likely to Make in the project
Normally, a good budget should contain income and expenses, including all the designated resources, projected, and possible income that will be needed for the project. But if it is in a situation where you are yet to raise funds you need for your project, just add “to be raised” followed by the stipulated amount.

3. Categorize your Cost
Now, know this, there is no rule that says that you must maintain a particular line when making your cost analysis. Your goal here should be to show the funder what it will take you to complete the said project successfully. While you are on this, try to group the items into categories, e.g., Supplies, Equipment, Travel, Salary/Wages, and try to quote the amounts in dollars or any required currency..

4. Use Real-Time Figures
When writing down these figures, make sure you use real-time figures; that way, you will carry your funders along. When we say real-time figures, we mean using prices from online stores, Quotes from vendors, etc. And also, make sure they are listed in dollars.

5. Get Your Calculations Right – Make Sure it Adds up
While doing your calculation, you have to be careful here to ensure that the numbers add up. You have to understand that these funders take it seriously when they find out that the application before them didn’t add up or correspond. Just make sure your expenses, budget, etc., correspond.

Finally, as you set out to seek that grant you think you deserve, make sure that you do your homework very well, especially the financial part of it. Always, avoid padding your budgets ‘cos you are dealing with professionals who probably understand the industry more than you do.

For full understanding on how to properly write an acceptable grant budget, we will advice you grab a copy of an eBook titled “A Roadmap to Winning Grants by Fayo Williams”. This will teach you all you need to know to bag home your next grant.

Also feel free to let us know, if you would like us to help you handle your grant proposal writing at affordable price.