FeGeTe attracts significant attention due to technological perspectives of realizing room temperature ferromagnetism in two-dimensional materials. Here we show that due to structural peculiarities of the FeGeTe monolayer, short distance between the neighboring iron atoms induces a strong exchange coupling. This strong coupling allows us to consider them as an effective cluster with a magnetic moment , giving rise to a simplified spin model on a bipartite honeycomb lattice with the reduced number of long-range interactions. The simplified model perfectly reproduces the results of the conventional spin model, but allows for a more tractable description of the magnetic properties of FeGeTe, which is important, e.g., for large-scale simulations. Also, we discuss the role of biaxial strain in the stabilization of ferromagnetic ordering in FeGeTe.