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As you develop the categories of revenues (e.g. dues, fundraising, university funding, etc) and expenses (social events, big/little activities, insignia, service projects, advertising, etc) keep this in mind....
When you are working with the expenses, come up with your best estimate and then budget for 10% more than that.
Then do the same thing in reverse for the revenue categories: budget each category as if you will receive 10% less than what you really think you'll get.
Then make sure your final budget is balanced, i.e., your expenses do not exceed your projected revenue. Does that make sense?
If you practice this 'budget expenses on the high side and revenues on the low side', you will have a much better chance of keeping your spend within your budgeted revenue. You may even be able to sock a little away each semester for a rainy day!
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