Be careful with the money you already have

Be careful with your hard-earned fundraising money!

When fundraising for a goal, it's easy to focus on bringing money in and forget to manage the money we already have. 

Remember, a dollar saved is a dollar earned! The more careful you are with the funds you have, the lower your fundraising target needs to be.

Here are a few key strategies to manage your fundraising money wisely:

Maximise Donations for Outlays

Where possible, get as many outlays donated to save cash. Utilise our sponsorship resources (extra tip, sign up to become a member to get your hands on the free templates) to help source as much as possible that would otherwise cost you money.

Optimise Savings

If you have a substantial amount of money in your bank account, consider transferring some to a term deposit or a high-interest-bearing account. This can help your funds grow with minimal effort.

Maintain a Reserve Fund

It's crucial to set aside some money for emergencies and dollar-matching grants. Having a reserve ensures you are prepared for unexpected expenses and can leverage opportunities for matching grants. This is particularly important if you operate a business, for example a tuckshop, that has legal obligations such as wages and leave as well as to maintain a safety buffer.

Implement Spending Controls

Establish clear protocols for spending decisions to ensure they are strategic. For instance, if you're organising a fete, make sure expenses are pre-approved according to specific criteria. Over-enthusiastic convenors can easily eat into profits with excessive spending on decorations or prizes. Circulate a spending policy in advance to prevent this. Crazily enough (!) we have a template you can customise in our Toolbox!

Establish and Enforce Financial Controls

Ensure you have general financial controls in place (and enforce them strictly!) to protect against fraud. The last thing you want is lose any hard-earned money to financial mismanagement or fraud.

These tips may not be as exciting as those that help bring in money, but they are crucial for keeping your financial house in order.