A budget is typically the only way to keep you from blowing your money and instead saving it. Take the time to figure out how much money you make in a month to determine how much you need to pay your bills. After paying for necessities, you can set aside a specific amount of your budgeted money to spend on activities or any other fun, desired things. By doing this, you can make sure you have the money to live on and still have a good time.
Just like an individual budget, a community as a whole should keep a budget to assure the right amount of money necessary to keep their association growing.
A community association needs to plan a specific budget. Many associations are running out of money and having to use their reserve funds to keep them from going into debt. This defeats the purpose of reserve funds, which is money set aside for necessary future projects for the association. Because of this, the communities end up not having the funds available when emergency repairs and other surprise expenses come about. Instead when these surprises occur, associations are running to bank loans and increasing assessments for homeowners to pay for debt. Instead of being underfunded for long-term maintenance and repair, make a plan and stick to the budget!
Luckily, property management companies are here to help associations spend their money wisely and keep them from borrowing money from banks or reserve funds. Condo Manager is the best software to keep your association and its management company organized. We provide a paperless system that brings your HOA property management services together in one user-friendly system. Condo Manager keeps track of your financials, CC&R violations, and much more. Our software was designed to help make your day-to-day management easier.
By Condo Manager