Monday, November 17, 2014

Training Budget At Year-End - Use It or Lose It!

In A Nutshell
You would be wise to spend your allocated training budget dollars before year-end (this assumes your fiscal year-end is the same as the calendar end of year).

Why?
  1. To make sure your expenses (e.g., invoices & purchases) are submitted prior to your company's closing cutoff dates, and recorded to the appropriate budget(s) for the closing year.
  2. As they say, "Use it, or lose it."  If you don't spend all the allocated training dollars, many companies will simply "take" the money back (as if you were initially allocated less money for the year).
  3. If you "lose it," some companies will penalize you in the upcoming budget year, because you weren't able to spend all the money previously allocated. Here's some food for thought, how can you possibly go into the upcoming year, and ask for more money, when you weren't able to spend what the company allocated to you in the prior year?!
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