The language of management has always been money. When you become an editor you will be expected, probably for the first time in your career, to give detailed attention to the financial implications of your work. It is easy to be overwhelmed by this, especially given that most of your new colleagues in management will have more experience in such matters.
You should appreciate, however, as should everyone else, that you are not employed for your financial expertise. No editor ever gained a reader or won an award by keeping to a budget. Money is just the tool you use to achieve your editorial ends: it is not, for you, an end in itself.
Of course, financial control is symbolic of general editorial order. You should extend your new-found budgetary consciousness to your editorial colleagues. Until they become aware of costs, they will be at the mercy of those who already are. And the delegation of responsibility includes the delegation of financial responsibilities. Allowing individual sections and section editors to help draw up and manage their own budgets is a necessary part of the process of freeing them to use their own initiative.
Companies vary in the way they approach the question of budgeting. In some instances, editors will be brought into the annual budgeting process and invited to estimate their costs for the coming year. In others they will simply be given a series of cash figures and told not to exceed them. In some cases, the whole financial responsibility will be handled by someone else, leaving the editor in the dark. This might have superficial attractions to a busy editor but can be very dangerous.
The editorial budget forms only a small part of the whole budgeting arrangements of the magazine, and editors should make an effort to understand all the budgets they are allowed to see, asking for advice from the management's accountant where necessary.