Sorority life provides an opportunity for members to learn
and practice skills that they may not get from their course work. Budgeting and
understanding a budget are skills that can be used for life.
Every sorority chapter has a budget. At the beginning of
each fiscal year chapter leaders with support from their inter/national
organizations create a budget. This budget is also presented to the entire
chapter outlining how member’s dues are allocated for use. In some
organizations, each chapter member then votes to approve the proposed budget.
Once a budget is approved, the chapter treasurer and other
officers monitor the budget throughout the year to ensure it stays on target. A
chapter’s budget, like a personal budget, includes two sections: income and
expenses. A chapter’s income comes from member dues and expenses include
supplies for philanthropy and sisterhood events, all-chapter T-shirts, chapter
retreats, social events and more.
Even if you don’t help create your chapter’s budget, understanding
and maintaining a budget is an important skill to have as a college student. The
following steps can help you successfully manage your budget:
1. Create a weekly or monthly budget by including income,
such as money from babysitting or a part-time job, and expenses, which may
include sorority dues, food, entertainment and other wants/needs.
2. Track your expenses so you’re fully aware of where your
money is going.
3. Regularly reassess your budget, since incomes and
Whether you’re creating your chapter’s budget or your
personal budget, always remember to keep your expenses less than your income. There
are many resources available to help you manage your budget, such as Mint, Slice
and PocketBudget -- three easy-to-use smart phone apps. Or you can use an Excel
spreadsheet or Google sheet with formulas to help.