If you’re in charge of a budget for your business, or in charge of part of a budget for a charity, social enterprise or not for profit – then you might have heard of the term ‘responsible spending’.
But what does the term ‘responsible spending’ actually mean?
The term ‘responsible spending’ refers to making deliberate, informed decisions about how you allocate your financial resources. It involves considering the long-term consequences of your spending decisions and making choices that align with your values, goals, and priorities.
Here at The Smart Bear, we always look at the long-term when it comes to websites, and so here are some tips for practicing responsible spending when you’re looking to allocate money for website design, development or maintenance:
1. Create a budget for digital and marketing
A budget helps you keep track of your income and expenses, and ensures that you have enough money to cover your necessities and save for the future. By creating a budget, you can gain control of your finances and make informed spending decisions.
2. Prioritise necessities for the your website and marketing
Necessities, such as hosting, domain names, theme and plugin licenses, and maintenance should be your top spending priorities when it comes to your website and your marketing activities. By ensuring that you have enough money to cover these necessities, you can prevent expensive issues like hacking or websites going down due to poor maintenance – usually during a scheduled marketing campaign!
3. Save for the future and contingencies
Building an emergency fund and saving for long-term goals, such as further development or set marketing campaigns, is an important part of responsible spending. By prioritising savings, you can prepare for unexpected expenses and ensure that you have the resources you need to reach your goals.
4. Pay any invoices promptly
If you pay any invoices you get relating to websites or marketing activities then you’ll not only know where you are in real time with your budget, but you’ll also keep on good terms with your suppliers – this can put you in a strong position should you need to ask for emergency help, or negotiate better terms if your budget is reduced.
5. Consider the Long-Term Consequences
Impulse purchases can often work out to be the wrong decision and the time/money could have been spent in a more effective manner. By considering the long-term consequences of your spending decisions, you can make choices that align with your values and goals – and potentially save a lot of money.
6. Spend Within Your Means
Sometimes it’s easy to think that the most expensive way is the best way – especially when it comes to software and marketing. But this isn’t always the case. Sometimes it’s good to explore the different options for a range of costs, and consult an expert to see which is the best way for both short term goals and long term goals – as well as the budget you have.
By following these tips, you can gain control of your spend, reduce financial stress, and make choices that align with your values, goals, and priorities when it comes to buying digital or marketing business, or organisational needs.