What does a budget range actually mean?

Ask how the endpoints were obtained

A minimum and maximum, a quartile interval and an assumption-based low/high scenario describe different things. The label should state which one you are seeing. A planning range does not become a confidence interval because it is wide. If the underlying evidence is a single applicable fixed tariff, displaying one amount can be more informative than repeating it as two identical endpoints.

Do not assign unsupported probabilities

A low/high scenario does not mean that your spending has a specified probability of falling inside it. Adding category lows and highs gives an envelope of selected assumptions, not automatically the middle half of the total budget distribution. Categories can move together, and some combinations may not describe a realistic household. Explain the assumptions rather than attaching a percentage of certainty.

Replace the most decision-sensitive input

Identify which uncertain component changes your conclusion most, then seek a compatible quote for that component. Keep the remaining ranges visible. A narrow result based on incomplete categories is not necessarily better than a wider but transparent result. In Lifovra, read provenance and missing-category labels alongside the amount before treating the total as your personal spending forecast.

Sources and further reading

• Lifovra — methodology and limitations