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tability.ioWhat are Budget Planner OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.
We've tailored a list of OKRs examples for Budget Planner to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Budget Planner OKRs examples
We've added many examples of Budget Planner Objectives and Key Results, but we did not stop there. Understanding the difference between OKRs and projects is important, so we also added examples of strategic initiatives that relate to the OKRs.
Hope you'll find this helpful!
OKRs to increase savings towards the 10k annual goal
ObjectiveIncrease savings towards the 10k annual goal
KRSave 1,000 dollars from each month's salary
Set up automatic monthly transfer to savings account- Create and observe a strict budget
- Evaluate and cut unnecessary expenses
- KRCut unnecessary expenses by 20% to save additional 500 dollars monthly
- Cancel unused memberships and subscriptions
- Review monthly expenditures and identify nonessential costs
- Reduce dining out and grocery spending
- KRAdd an extra income stream bringing in 500 dollars a month at minimum
- Research and identify viable passive income ideas
- Launch a part-time online business or service
- Invest in dividend-paying stocks or mutual funds
OKRs to reduce monthly dining out expenditures by half
- ObjectiveReduce monthly dining out expenditures by half
- KRMonitor and record the cost and frequency of meals eaten out every week
- Document each meal eaten out with its cost
- Note down the frequency of dining out weekly
- Calculate the weekly total of these costs
- KRCook at home at least four times a week to reduce restaurant visits
- Purchase necessary groceries weekly for meal plan
- Create a weekly meal plan with at least four home-cooked meals
- Set specific days for cooking at home
- KRPlan and follow a strict monthly budget to control spending on meals outside
- Analyze previous month's spending on meals outside
- Define a reasonable budget for future dining out
- Track and limit spending to stay within budget
OKRs to successfully save money to build an investment fund
- ObjectiveSuccessfully save money to build an investment fund
- KRSet aside 20% of monthly income to a dedicated savings account
- Open a separate savings account for monthly deposits
- Set up monthly automatic transfers to savings account
- Calculate 20% of anticipated monthly income
- KRResearch and select 2-3 potential investment opportunities
- Conduct thorough research on potential investment opportunities
- Define specific criteria for selecting investment opportunities
- Choose 2-3 investments that meet your criteria
- KRReduce unnecessary expenditure by 15% to increase savings
- Identify and eliminate all nonessential expenses
- Regularly review and adjust the budget plan
- Utilize cash over credit to avoid overspending
OKRs to enhance spendability for improved customer satisfaction
- ObjectiveEnhance spendability for improved customer satisfaction
- KRImplement 2 new customer-focused promotional campaigns
- Execute and monitor the promotional campaigns
- Identify potential customer needs and interests for promotional campaigns
- Develop strategies and materials for two new campaigns
- KRIncrease monthly budget allocation to customers by 20%
- Implement the new increased budget into the financial plan
- Determine a 20% increase of these individual amounts
- Calculate the current budget allocation for each customer
- KRImprove customer service training to decrease complaints by 30%
- Implement comprehensive customer service training program
- Address complaint areas during team coaching sessions
- Monitor and assess staff's interaction with customers
How to write your own Budget Planner OKRs
1. Get tailored OKRs with an AI
You'll find some examples below, but it's likely that you have very specific needs that won't be covered.
You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.
- 1. Go to Tability's plan editor
- 2. Click on the "Generate goals using AI" button
- 3. Use natural language to describe your goals
Tability will then use your prompt to generate a fully editable OKR template.
Watch the video below to see it in action 👇
Option 2. Optimise existing OKRs with Tability Feedback tool
If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.
- 1. Go to Tability's plan editor
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on "Generate analysis"
Tability's Strategy Map makes it easy to see all your org's OKRsTability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
You can then decide to accept the suggestions or dismiss them if you don't agree.
Option 3. Use the free OKR generator
If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.
Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.
Budget Planner OKR best practices
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tip #2: Commit to weekly OKR check-ins
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
Being able to see trends for your key results will also keep yourself honest.
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to track your Budget Planner OKRs
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Budget Planner OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to successfully migrate legacy DWH postgres db into the data lake using Kafka
- OKRs to successfully upgrade to the latest Finacle service pack
- OKRs to enhance understanding of royalty structures in business contexts
- OKRs to within budget
- OKRs to reduce monthly dining out expenditures by half
- OKRs to execute a high-impact, budget-friendly influencer campaign