A budget is an estimate of the income and expenditure of an organisation over a set period of time.
Tips for Setting Up a Budget:
- List every element of income and expenditure for your initiative.
- Research the exact prices for every cost.
- Compare prices from other sellers to ensure you get the best price.
- Prepare to adapt the budget if things don't go according to plan; some costs may need cut or changed to ensure expenditure is balanced with income.
Fundraising is seeking financial support for your initiative. There are two types of fundraising, formal and informal fundraising. Formal fundraising can take the form of grants,
Tips for Effective Fundraising:
- Have a transparent budget, list every element of income and expenditure.
- Start your fundraising with those around you, your family and friends.
- Ask teachers and leaders to help you.
- Ask for funds from stakeholders who have an interest in what you do, and will be gaining something from your initiative.
- Be accountable and honest in your fundraising. Send feedback to your funders which details exactly where their money has gone.
- Show thanks and appreciation to your funders.