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What are the best tools and templates for student leadership budgeting?

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As a student leader, you have the responsibility of managing your group's finances and ensuring that you have enough funds for your activities, events, and projects. But how do you create and maintain a realistic and effective budget that aligns with your goals and priorities? In this article, we will share some of the best tools and templates for student leadership budgeting that can help you plan, track, and report your income and expenses.

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Charlie Atkins

Future Trainee Solicitor at Cleary Gottlieb | Passionate about Social Capital

1 Why budgeting matters

Budgeting is a skill that is essential not only for personal life, but also for professional and academic success. It can help you set clear and measurable objectives for your group, monitor your financial performance to identify any gaps or issues, communicate your financial status and needs to stakeholders, such as sponsors or donors, and evaluate your results to learn from the experience.

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Charlie Atkins

Future Trainee Solicitor at Cleary Gottlieb | Passionate about Social Capital
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Budgeting is a very important skill, and student society experiences can help to demonstrate your adaptability, organisation, and communication skills.

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2 What to include in your budget

A budget is a document that outlines your estimated income and expenses for a specific period, such as a year, semester, or project. It should include income sources like membership fees, fundraising, grants, donations, or ticket sales, as well as expenses like materials, supplies, equipment, travel, food, marketing, or fees. It's important to categorize expenses into fixed and variable costs and to calculate the balance between income and expenses to ensure you have a positive balance or break even. It's also essential to avoid overspending or underestimating costs.

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Charlie Atkins

Future Trainee Solicitor at Cleary Gottlieb | Passionate about Social Capital
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When thinking about your costs, make sure your estimations are realistic. If the project has run before, you can look at the previous expenses. If not, think about whether you can enquire about quotes early or start to research average costs. It might also be helpful to ensure you have a buffer to safeguard against high costs. Remember to take into account attendance. If you are using ticket sales to pay for your expenses, it might not be realistic to assume 100% attendance.

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3 How to use tools and templates

Creating and managing a budget can be made easier and more efficient with the help of various tools and templates available online. Google Sheets, for instance, is a free and versatile spreadsheet application that allows you to create, edit, and share your budget online with formulas, charts, filters, and the ability to collaborate with team members. Tiller Money is a paid service that connects your bank accounts to Google Sheets and automatically updates your budget. Smartsheet is a paid platform that combines spreadsheets, project management, and collaboration features to help plan, track, report on your budget, assign tasks, set deadlines, and communicate with your team.

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4 How to review and adjust your budget

Creating a budget is an ongoing process that requires regular review and adjustment. At least once a month, compare your actual income and expenses to the budgeted ones, and make any necessary changes to reflect your current situation. Adjustments may be necessary due to changes in income sources or amounts, expense items or amounts, or goals or priorities. These could include receiving more or less money than expected, finding new opportunities or challenges, spending more or less money than planned, encountering unexpected costs or savings, adding or removing activities, events, or projects, or modifying your scope or timeline.

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5 How to report and present your budget

Reporting and presenting your budget is an important part of your accountability and transparency as a student leader. You should prepare and share your budget reports with your stakeholders on a regular basis, such as quarterly, semi-annually, or annually, depending on their expectations and requirements. To ensure you are communicating effectively, use clear and concise language and avoid jargon. Visual aids, such as tables, charts, or graphs, can be helpful in illustrating data and highlighting key points. Additionally, comparisons can be used to show progress and performance. Finally, don’t forget to use feedback to improve your budget and learn from your experience.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best tools and templates for student leadership budgeting?

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1 Why budgeting matters

2 What to include in your budget

3 How to use tools and templates

4 How to review and adjust your budget

5 How to report and present your budget

6 Here’s what else to consider

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