Budgeting education may be separated into two categories:
Education financial management systems: the legal and procedural system for transferring and utilizing resources (expenditures),
Framework and system for monitoring and reporting on how the resources were used.
There are many essential aspects that can assist evaluate education finance and serve as important “entry points” for policy involvement and program development:
- Commitment – Does the government provide adequate resources for education? Are monies made available on time to assist in succession planning and prioritization?
- Compliance – Is the budget distribution of resources in accordance with sector policy (i.e. across subsectors) and larger national policies? Are real expenditures in line with the agreed-upon budget? Are resources redirected to other purposes, such as support for activities that are not sector priorities?
- Efficiency – Is the Ministry of Finance (MoF) fully paying out budget allocations, or are there arrears? Are the monies used wisely on instructional staff, facilities, and equipment?
- Efficacy – Is the existing budget allocation and expenditure profile successful in accomplishing sector policies and effectively contributing to better sector outcomes?
- Equity – Does the agreed-upon budget distribution, as well as the actual budget spending, promote more fair educational outcomes?
Various counsellors in the sector provide informative talks on credit, debit, and money management skills, as well as seminars and workshops, are conducted in groups. They can be quite insightful in budgeting education, making you aware, and helping you to advance towards financial wellness!