Blog / December 2nd, 2024
Uniformed Youth Fund – December update
This month, I’ve had a lot of conversations about money so why not have a whole blog on the subject! Not many Girlguiding volunteers join our organisation to handle finances, although those that do, are worth their weight in gold. For everyone else, it might not be our favourite task but it’s essential that we are good stewards of our charities finances. Wherever you are on this scale, I’ve got some top tips for you this month.
We were thrilled to see Girlguiding’s webinar on accounts has been made into an elearning module. Completing this course as an elearning or webinar is a requirement for all new leaders, ensuring that everyone has a solid understanding of our financial processes and responsibilities. But it’s not just for new leaders – existing leaders will also find it incredibly beneficial as a refresher.
The course covers everything you need to know about managing unit finances, from budgeting to maintaining good records and all the requirements of managing unit accounts. The elearning version is designed to be user-friendly and accessible, so you can complete it at your own pace. Plus, it’s packed with practical tips that you can apply to your role.
Why budgeting matters
One of the key topics covered in the elearning module is budgeting. Effective budgeting is crucial for the smooth running of your unit. It helps ensure that you have the funds needed for subscriptions, rent and activities throughout the year plus having some set aside for unexpected costs. If you are one of the units with a financial year that runs January through to December, now is a perfect time to budget. Regardless of your unit’s financial year, having a clear and well-planned budget is essential.
Tips for setting and following a budget
Here are some tips to help you set and follow a budget for your unit:
Be realistic:
Make sure your budget is realistic and achievable. Overestimating income (like donations which aren’t guaranteed) or underestimating expenses can lead to financial shortfalls.
Track your spending:
Keep a close eye on your spending throughout the year. Regularly compare your actual expenses to your budget to ensure you’re staying on track.
Adjust as needed:
Don’t be afraid to adjust your budget if circumstances change. This is particularly common if your number of young members goes up or down significantly. It’s natural that you’ll need to adjust if circumstances change.
Check your reserves:
It is always good to have 3-6months running costs in reserve. If you have more than this, reduce it by providing high quality opportunities for your existing members. If you have less than this, plan to gently increase it by putting a small amount on your unit fees, cutting costs or fundraising.
Seek advice:
If you’re unsure about any aspect of managing unit accounts, seek advice from more experienced leaders. This is especially important if you are not sure that you’ll have enough money to pay for big invoices like subscriptions in February/March next year. Speak to your commissioner early with any concerns that you have.
Remember:
We offer great value for money for parents and careers and a fantastically varied programme. Don’t be afraid to put up fees if you need to but find ways to support households that can’t afford the increase. Speaking openly and honestly about your unit’s financial position can help avoid any misconceptions and grumbles.
Taking it further
For more detailed guidance on setting and following a budget, check out this helpful page by Girlguiding – Setting and following a budget. It includes the first video from the elearning, a link to a simple budgeting template and lots of other helpful information. If you want to dive deeper, take a look at the elearning. By understanding our financial processes and mastering budgeting, you’ll be better equipped to provide a fantastic experience for the girls in your unit. Plus, you’ll gain confidence in managing your unit’s finances, which can make your role more enjoyable and less stressful.
Thank you for your dedication and commitment to Girlguiding. Together, we can continue to make a positive impact on the lives of young girls in our communities.
Click here for the last blog. The next blog is coming in 2025!