Reworking a reduced budget after the award and monitoring and managing the budget once funds are received are critical to the success of a research project. Few resources are available to help principal investigators and research teams deal with these components of grant implementation. This article will address strategies and concerns related to the revision of the postaward budget and the implementation of the budget. Among the strategies discussed for the revision of the postaward budget are cost sharing, renegotiation with administration, and reallocation of funds. Also addressed are topics related to monitoring and managing the budget, including understanding budget guidelines, account management and documentation, tracking expenditures, and challenges in grant budget management. © 2006 Sage Publications.