We know that times have been tough for many in your running store, organization, or community. Still, as vaccines for the pandemic get distributed, racing groups have started to focus on destination racing. However, there’s a challenge for many. Money’s tight, and as much as many want to go to scheduled road races, they might not have the chance. Today we want to share a few tips about how to budget, especially if things went sideways.
In short, getting finances sorted could help your running community get back to doing what they love. Think of destination racing opportunities, or even getting equipment and necessary funds for your race or sports programs. Let’s dive right in and get started on easy and practical tips for budgeting.
1. Use Online Budgeting Tools to Help Sort Things Out
Because we live in the digital world, there are fantastic digital tools you could use for budgeting. We recommend for how to budget is simply tossing away the pencil, paper, and old bankbook register. Many of the tools you could use are free, and most are super easy. And don’t forget, your group could use it for its own sports fundraising and running events.
Best Overall Budgeting App
Considered one of the best overall budgeting apps by The Balance, our first recommendation is Mint. In it, you’ll find everything in one place. So, you’ll have the chance to see the bills, balances, and even credit scores. Mint is easy to use, and you could sign-up for free. What’s more, Mint is brought to you by Intuit, the creators of Quickbooks and TurboTax.
Best to Prevent Overspending
As you know, to master how to budget, you’ve got to keep control of your spending. Again, The Balance has a solution for you, and it’s PocketGuard. With this handy app, featured in Time, Forbes, and NBC News, you get to know what’s in your pocket and accounts precisely. With it, you’ll avoid spending money you don’t have on hand.
2. Get Finances in Order Before the Start of Each Month
Many sports clubs, teams, groups, organizations, and people have the bulk of their expenses occur at the beginning of the month. However, you have a running budget register going throughout the month. You may have rent payments for your sports store, utilities, equipment payments, subscriptions, and insurance.
So, one of the best budgeting tips we’d like to share with you is to get in the habit of getting ahead of it all. In other words, create your revenue income and expense budget before the month begins. Using a tool such as You Need a Budget (YNAB) helps you quickly understand what your financial picture looks like from month-to-month.
By tracking everything before the month begins, you’ll have an understanding of how much you could spend. Often, groups spend money without realizing it (e.g., subscription services you may not need). So, it’s important to get a handle on every dollar coming into your sports group, team, or organization. But it’s also crucial to understand the outgoing expenses before the start of each month for planning.
3. Eliminate the Money Wasters to Get a Handle on Your Sports Budget
The budget for your sports organization and your supporters is an indication of your priorities, goals, and values. And those shift over time. No one’s interests are fixed forever. If you sat down and went through every subscription you have, you might find yourself surprised by the total costs of all of them combined. Those expenses of $10, $20, or $40 a month may not look like so much in isolation, but they add up together. All of it could keep you from getting what you need for your group or prevent your runners from getting to the races they want to attend.
So, get in the habit of taking an inventory at least annually of everything you spend money on in a month. And then begin to eliminate anything you no longer use or is an expense that may be too high to handle at the moment. Sure, it may mean that you have to cut things out for your budgeting, but think of it as temporary.
If you happen to run a sports group and your supporters want to participate but can’t because of limited funds, you could suggest something to them. There are plenty of apps that could help athletes and runners stay fit, even if they can’t afford gyms. Check out our list of the best fitness apps, which you could recommend to your supporters who need ways to remain in shape.
4. Start Saving!
Unfortunately, many businesses and organizations don’t have enough savings to help them through protracted and difficult economic situations. That also includes the athletes and runners whom you want to continue to support your organization. One of the many lessons that came out of 2020 is that people and organizations need to save more money. First and foremost, continue to keep for any emergency, because you don’t know how things will develop in the future.
Then take a look at long term savings. Fidelity advises you have savings for 3 to 6 months before you start saving for the long-term. How do you start saving? Your sports store or group and your running supporters have to pay themselves first—not last—when there’s nothing left.
Using one of the budgeting tools in the first point, carve out how much you save and pay to yourself. Remember, this isn’t frivolous. It’s essential. Then do it monthly. If you have to get rid of some budgeting expenses, then go ahead and do it. Remember, understanding how to budget means making choices.
5. Earn Money for Your Budget by Recycling Sneakers
We’ve talked a lot in this article about cost-cutting and savings measures. As you probably guessed, that’s the first place you need to look. However, your sports organization also wants to increase its revenue. There’s one way you could get your sports budget back on track, also helping make a difference in so many lives. You could look to sneaker recycling in your community.
By doing so, you not only get paid, but you also provide your community with a way to recycle their used sneakers and athletic shoes. Finally, you also help micro-entrepreneurs in developing nations because they sell the footwear you collect. So, take a look at your expenses and revenue, and get it all sorted out. Once you get a handle on your budget, you’re going to feel so much better!
© 2021 Sneakers4Good. All Rights Reserved.