There are many things that you can learn during your time in a housing society, and money management is one of these. You’ll face situations where you may have to organize and manage money for any events in the housing society or other important functions.

Money Management in a Housing Society

Money Management in a Housing Society

Tips For Effective Money Management when Organizing Events

  • Inform The Association – When you plan on taking up some responsibility in a housing society, you should always inform the association first. This way everyone will have a clear cut idea on what you’re up to, and they’ll also be able to help you out in certain areas.
  • Form A Team – There’s nothing that you can achieve individually, because managing large amounts of money alone can be very hard. Form a good team of enthusiastic people preferably with who are experienced at managing money. Your team can have at least three to five members to make things easier.
  • Divide All Responsibilities – This is the best way to avoid chaos and confusion. If you’re collecting money for an event, assign the task of collecting all money to two or three persons. Use one member in the team as a treasurer, so that he/she can safely store the money. You can get the rest of the members to maintain logs and records of where the money has come in from, and how much is the overall value. People should be entirely responsible for their tasks, as this will bring in some professionalism.
  • Inform People In Advance – Nobody likes being rudely interrupted during their day, so inform all residents in advance that you’ll be collecting money from them for the said event. You can post on your online noticeboard and get a couple of notices printed out about the event and pin these up at the notice board. You can even use your apartment management software to broadcast a message to all residents, so that they know what’s going on. Decide beforehand on whether you’re looking to collect checks or cash and follow a standard format. You can even provide acknowledgement receipts for all received amounts.
  • Use A Bank Account/Save It Personally – You can save the collected amount in two ways – you can either use a bank account to save the money in, or you can physically have it with you or entrust the money to another team member. You’ll need to ensure that the money doesn’t fall to any form of unnecessary use and keep a firm grip over the proceedings once the money is in.
  • Track Down Expenditure – List out everything you’ll need for the event and create an estimate on how much you’ll be spending. You can try a few cost cutting measures if you find that you’re low on funds.
  • Bring In Transparency – The entire process should be made transparent, as money matters are always controversial. Coordinate with key members in the managing society and keep them in the loop on what you’re doing. Show them your estimates and the collected amount, and they’ll be able to help you manage the money in a better manner. 

ApnaComplex is a web based housing society accounting and management software. It is designed to make the life of residents and owners a lot better by brining in more transaparency and accountability in manging a housing society. Sign up your society today and get the benefits!

This article aims at collating and providing information for benefit of ApnaComplex customers and blog readers. While ApnaComplex has taken every care to ensure the information is accurate, we suggest to please use it only as a guidance for further discussion and action with help of relevant professionals.