All sports clubs should have a budget. Your budget will underpin all of your club's activities and plans, in the short and long term.
Your sports club budget (also known as a financial plan / forecast) is a tool to help your club manage your money and plan for a healthy future. It is best practice to have both a:
- Short term budget - looking at your income and costs for the next year. This will keep you focused on your everyday finances. You may find it useful to break this down into a quarterly or monthly budget to help you keep track throughout the year.
- Long term budget - looking at your income and costs over a longer period, say the next 3 – 5 years. This will help you plan for the future, and in particular any one off projects you want to undertake (e.g. funding for facilities or equipment).
Developing a budget for your sports club doesn’t have to be daunting. The areas below will keep you on track.
Keep it simple and realistic
Your club's budget doesn’t have to complex. In fact, the most important thing is that it is appropriate for your club and you use it regularly. One way to do this is to compare your actual income and costs to what you budgeted or last year's figures. The budgeting templates and examples located at the bottom of this page will help get you started, and our Managing Money page will give you some useful hints, tips and support.
An unrealistic budget can demotivate people and is less likely to be actively used in managing your club's finances. Overestimating your club income and underestimating costs can quickly get your club into financial trouble, so make sure your budget is realistic. If you quickly beat your budget that's great, you can always revise it.
Make sure it links to your club development plan
Together these documents will help shape your sports club and its financial future.