It always tend to get critical whenever we handle money, most importantly when it come to managing it. Having that responsibility of operating and budgeting finances means it needs more careful and firm planning.
Making decisions on whether how it is spent and how it is invested for future use must be decided wisely.
Funds and budget play important role on managing the finances of a laboratory. Funds are described as a sum of money of its equivalent, accumulated or reserved for a specific purpose while budget is described as a forecast of expenditures necessary to perform the anticipated workload (meaning every money being spent or being considered to be spent shall be delegated according to what limits an individual has set before deciding to purchase or buy a certain item or desire).
I believe that funding and budgeting does not only apply in how you handle finances in the laboratory, but should also be practiced in our everyday lives. Budgeting and funding helps us to be disciplined of managing money the right way and spending it on the right and reasonable purpose.
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