When setting a current budget, the following should not be considered:
- Past Irrelevant Expenses – Historical costs that are no longer applicable to the current financial situation.
- Unrealistic Revenue Projections – Overestimating income can lead to budget shortfalls.
- One-Time Windfalls – Temporary income sources, such as lottery winnings or one-time bonuses, should not be relied upon for regular budgeting.
- Emotional Spending – Budgeting should be based on needs and realistic financial goals, not on impulse or desires.
- Ignoring Inflation and Market Trends – Setting a budget without considering economic factors can lead to financial instability.
- Future Long-Term Investments (for a Current Budget) – While important for financial planning, long-term investments should be considered separately from a short-term operational budget.
Would you like me to clarify any of these points further?
