Gazing into a crystal ball to come up with next year’s budget is always daunting. It’s a mix of professional instinct, historical data, and future predictions that’s never perfect.
It’s especially challenging this year when one of those three ingredients is missing: historical data. With the pandemic upending historical patterns, there’s no accurate year-over-year comparison, nor are there any reliable longer-term patterns.
As you round the corner into another budgeting season (already!), here are some ways to budget plan amidst ongoing uncertainty.