Not only is creating a budget at home important, but it’s also important within departments at your senior living community. Why are budgets important? Budgeting ensures that we will always have enough money for the things we need. Creating a plan allows us to get to where we want to be.
The first step in creating an effective budget is to track expenses. It’s impossible to understand how much you can spend without knowing how much you currently spend. There are great corporate budgeting tools out there that track expenses, spending habits, create reports, merge departments, and more. Tracking expenses can also allow you to cut down on unimportant spending habits that you may not realize you have.
Whenever I want to purchase an expensive item, I add it to a list. The list helps me visualize the impact the item will have on my budget as well as help me prioritize how much I want it in relation to other items. This can also apply to budgeting within senior living. Creating goals within budgets allows you to save for the things you want.
Understand What you Can/Can’t Afford
In my opinion, understanding your limits is the most important tool in staying within your budget. You can’t get to where you want to go without understanding what you currently have.
Ask for (Affordable) Help
Lastly, realize that it is OK to ask for help. It’s clear that senior living professionals are understaffed and underpaid. However, getting the right help (without breaking the bank) is often possible. There are many volunteers scattered throughout the community that would love to help out in your facility. On top of that, students in the area would love to intern for school credit or résumé experience. This can be a great way to get affordable and effective help.
These are just a few of the many guidelines the LifeShare team follows for successful budgeting. These four tips have best helped keep our budget in line. Remember, you can get that next big item you are saving up for, it just takes time and discipline!