I created a chess club nine months ago and I have succeeded in maintaining a average of around 7 players per meeting. I was just wondering how would I raise money for competition (Collage Club) without asking to much of my players, if possible.

Membership fees and nightly fees is how we manage to raise funds for events. 

How much do you charge? And how do I ask?

First thing I would do is see what the players in the club want to do. If the competition is what the club is wanting, then they would probably be eager to come up with ideas as well as helping you raise funds.

Different countries and differences in regions for the value of money, so there is no point specifying the figure of how much we charge.  Basically we charge enough to afford the events the members what to participate in and enough to cover running expenses.  We basically try to maintain a balance of $1,000.    We try to start the year with $1,000 and finish the year with $1,000.

How do you ask?  Open and frank discussions about the club's goals.

They don't know what to do and since I am the creator and president they look for me for guidance.

How do you guys keep a count of your money? Should I open a bank account and put the money in there? Is there a system in how you spend your money? For example 33% on events 33% on saving 33% on fundraising?

Well, 7 players aren't that many, you are going to struggle to raise a proper prize fund out of that.

Approach local businesses for sponsorship, If you have restaurant/pub/coffee shop where some of you regularly hang out, in my experience they would normally donate a few (insert local currency).

Is there a bookstore where your members buy chess books or equipment? Ask them too.

Why not ask another club(s) (books,Bridge football or chess etc ) and see how they run it .

I run the only chess club! lol but I will try to arrange a meeting with another president tomorrow!

Well, you have to set up a proper structure for your club, and elect a comittee of at least 3, including a treasurer. You must have a bank account for the club, and the treasure has to submit statements at least annually.

HandBanana- "I run the only chess club! lol" ...  In Texas ?

If it's a college club, the college might provide funds to promote the club.  Many of them do.  As far as prize funds, that may be a different story.  You'll need to charge an entry fee for tournaments and use a percentage of that for prizes as a basic idea.  Beyond that would be to find a kind donor who would fund prizes.

How would I ask? Do I make a letter to thank them for their donations? Currently I am the only one that buys books.

In my school! I pretty sure theres more clubs around! :p

Would the committee be in charge of the expenses of the club?

Maybe I will check the O.S.D tomorrow.

The money is definitely banked.  It's not your money, it belongs to the club, so yes, it should have it's own bank account.

Spendings is done on a needs basis initially, you need boards and sets and clocks.  A kettle and some coffee etc... When your purse allows you to fund an event, do it, but keep a little bit back for if you need to replace a chair or a set etc.

Appoint a treasurer for the club if someone wants to do it.

Bank account check!

I have a treasure, hes actually in this site! And so is my vice and secretary. But unfortionally they don't play here that often.

He's in this site, but does he attend the club?  You need to have meetings with members and all office title holders... AGMs.