As the year winds down, many teams and departments face the same challenge: making the most of their “use-it-or-lose-it” budgets.
It may seem like a woefully inefficient system on a macro level, forcing you to spend your company’s cash in a rush. You’d think that coming in under budget would be rewarded.
Yet the truth is that not spending your full budget can have negative consequences for your team. After all, if you fail to spend your full budget, it raises the odds of the budget being taken away next year – to say nothing of getting a larger budget handed to you.
What Is a “Use-It-or-Lose-It” Budget?
A “use-it-or-lose-it” budget refers to funds allocated to departments or teams that must be spent before the fiscal year ends. Any unspent funds typically don’t roll over into the next year, so careful planning is crucial. Businesses often use this budget to invest in tools, services, or initiatives that will provide long-term benefits.
Fortunately, there are tons of easy ways to put your budget to good use. Here are 10 strategic ideas to make the most of your remaining budget while setting your team up for success in the coming year.
10 Creative Ways To Spend “Use-It-or-Lose-It” Budget
1. Invest in Employee Morale with a Gifting Balance
On Goody’s corporate gifting platform, you can add funds to your account balance. The charge will happen up front, yet those funds are there to use on employee appreciation gifts whenever you’d like in the future. (And not just any gifts…the BEST employee appreciation gifts around.)
It’s a great way to make sure you have a solid budget for employee appreciation gifts or even swag for your team. For example, you could add $1,000 funds to your Goody balance, and then use that to send spot appreciation gifts and birthday or work anniversary presents throughout the following year.
Once you deposit the balance on Goody (via invoice or credit card) you get a receipt right away – so from a budgetary perspective, it’s as good as spent. Then it’s there to send thoughtful gifts to your team throughout the next calendar year, sort of like a debit account.
2. Design Some Company or Team Swag
Boost team pride and cohesion by designing custom swag like branded t-shirts, hoodies, mugs, or water bottles. Not only does it create a sense of unity, but it also serves as free marketing when worn outside the office. Plus, you can always stockpile some premium swag for future members of the team or marketing events.
3. Host Team-Building Activities
End the year on a high note with a team outing, workshop, or retreat. Whether it’s an escape room, cooking class, or virtual activity, these experiences foster collaboration and refresh your team’s energy before the new year.
4. Prepay for Professional Services and Software
Lock in savings for next year by prepaying for essential services like software subscriptions, consulting, or marketing.
Virtually any contractor or consultant will be willing to invoice you upfront for an engagement, and will often give you a much better rate for the job security this provides.
Similarly, annual (vs. month-to-month) software plans will give you the best possible pricing for software. Not only does this maximize your budget now, but it also reduces you having to cut back on subscriptions or services you need in the future.
5. Stock Up on Supplies
Office supplies, marketing materials, or other essentials you’ll need next year are a smart purchase. By buying in bulk now, you can take advantage of discounts and avoid scrambling when supplies run low.
6. Fund Employee Development
Upskilling your team is one of the best investments you can make. Use remaining funds for online courses, certifications, conferences, or training sessions that align with your team’s growth goals.
7. Refresh Marketing Materials
From rebranding projects to creating new brochures or promotional videos, refreshing your marketing assets can elevate your brand’s image. You can even pre-pay a designer to take on an important project, like redesigning your collateral or website.
8. Support Community Initiatives
Enhance your brand’s reputation and impact by donating to charitable causes, sponsoring local events, or organizing volunteer activities. Allocating budget for corporate social responsibility (CSR) initiatives builds goodwill and aligns with company values.
9. Reward Top Performers
Recognize employees who went above and beyond this year with bonuses, gift cards, or additional PTO. Recognition programs can increase engagement and motivate your team to keep excelling.
10. Send Holiday Gifts to Employees or Clients
The “lose it” part of use-it-or-lose-it budget often means December 31. Which means that holiday gifts for your team or clients are often a wonderful option.
Thoughtful gifts show appreciation and leave a lasting impression. Platforms like Goody make it easy to send personalized gifts at scale, ensuring everyone feels valued during the holiday season.
Why Strategic Spending Matters
Rushing to spend a leftover budget on unnecessary items can lead to waste. Instead, focus on investments that will provide lasting benefits, strengthen relationships, and set your team up for a successful new year.
If you’re short on time and need an easy way to make an impact, platforms like Goody can handle last-minute gifting with efficiency and flair. Explore how you can make the most of your “use-it-or-lose-it” budget today.
Use It, Don’t Lose It
Don’t let your precious budget go to waste.
Sign up for a free Goody account to use it towards unique employee gifts, client appreciation gifts, and swag. You can even add balance upfront and spend it at your leisure in the year ahead.
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