Every year, one thing rings true for most sports parents across the country: team budgeting isn’t fun. While families love seeing their child compete in the sport they love, the behind-the-scenes planning is a tiresome yet necessary aspect of play, especially when it comes to finances.
Thankfully, there’s hope! To help you expertly navigate your team budget, we’ve outlined a few simple steps below.
1. Learn from past managers
For first-time budgeters, getting team finances on track can be overwhelming. In fact, most new managers reported taking two to three years to develop a budgeting system they felt comfortable using.
Don’t be afraid to lean on the learnings of past managers and parents who have been in the same role as you. For example, reach out to your team’s previous budget manager and ask if they can send you last season’s budget to serve as your guide. Useful materials like these can help you kickstart a smooth, successful season.
2. Digitize your budgeting system
Being the person who has to remind other parents to pay their fees can be awkward and downright uncomfortable. You never know what type of financial situation someone is in, and on top of that, having to track who paid, how much they paid, and who still owes money is extremely time-consuming.
Rather than having to chase down cash or checks, more managers are digitizing their fee payments so that money can be transferred and tracked instantly.
3. Find a system that works for you
Spreadsheets, emails, e-transferring services, and social pages are all helpful tools to keep track of your team’s budget, but different situations call for different needs. It’s easy to get overwhelmed by the plethora of apps out there, so don’t overcomplicate the process and only use what will serve the most useful for you.
And there you have it! With these simple steps, you’ll be on your way to developing a streamlined process to track and manage your team budget in no time.