This chapter explains how to manage an academic program budget, with particular focus on master’s programs in public policy, affairs, or administration (MPA). It explains budgeting, spending, and strategies relevant to MPA programs to help program directors be successful. Specifically, it explains and compares different fund structures, spending categories, and budget formats. The three key dualities of university budgeting are the tensions between discretion and accountability, variation and stability, and technique and values. The key lessons are the importance of capitalizing on the university organizational structure, the necessity of implementing an advocacy approach, and the importance of flexibility and limitations in spending.