10 Ways for an Entrepreneur to Save $12,000

These ideas will each allow a very small business owner to save big-time $$$’s over the next 6 months. Depending on how many you choose to implement, you can easily save $12,000! see also : Small Business Ideas by Sector: Natural Health Products

1 – Get a Free Library Card

Entrepreneurs have an insatiable thirst for novelty and information. Quench this thirst with a library card instead of your wallet. You can still buy items for your personal library later on (items you’ve checked out of the library 3 times), but 90% of the stuff you buy or think you want you’ll never end up reading/watching /using again. Educating yourself doesn’t have to make you poor.

Most libraries will charge you a few bucks for a card, but if you cite “financial constraints”, they’ll give it to you for free. Also, most libraries have “inter-library loans”, so that even the smallest suburban branches have access to a huge collection. Fulfill your need for information, advice, and how-to on the public’s tab. Reserve best-sellers or TV series online. Libraries have almost everything you can imagine.

Monthly Savings: $200 or more

2 – Cut Your TV Package and 2 Cell Phone Features

Cutting your cable or satellite TV package will have a dramatic effect on your life – you’ll have more free time, more energy, plus you’ll be smarter and happier. Trust me, its true. To rebalance your life, explore internet videos and a local library.

Cutting the most useless features on your phone package is also something you won’t miss. Endless voicemail, bundled text messages, the data package you never use… these can all turn into $’s you can use on marketing or something else way more fun.

Monthly Savings: $50 – $150

3 – Drop Your Land Line & Long Distance Packages

Get Skype for all long distance calls, get a Skype phone number or mailbox, encourage regular contacts to install Skype as well (so your conversations become free), buy a $30 headset, and chuck your landline for good. Keep your cell phone “in case of emergency”, having people call you to take advantage of free incoming minutes. You will never look back.

Monthly Savings: $50 – $100

4 – Lower Your Rent

If you can’t afford where you’re living or working, move somewhere $200/month cheaper. Pretty straight-forward, eh?

Monthly Savings: $200 or more

5 – Drive an Older Car and Live Close to Where You Work

Daily commuting costs an incredible amount of time and money – something often only visible once you’ve stopped doing it. 25 minutes to get to work… $75 gas… Arrangements to get the oil changed… $400 car payment…

Instead, buy an older import with no depreciation that does at least 40 MPG (mine does 55), move to within walking distance of your daily destinations, and park your car. Rent a car for that once a year trip where reliability matters. see also : Brainstorming New Business Ideas 2017

If you’re trying to impress people with your automobile, impress them with stories of the foreign excursions you took with the money you saved instead.

Monthly Savings: $500 or much more

6 – Drink Water for Lunch

($0 drink per day) x (20 working days per month) = $0

($2-10 drink per day) x (20 working days per month) = $40 to $200

Monthly Savings: $40 – $200

7 – Brew Your Own Coffee

Brewing your own coffee = Almost nothing

($2-10 drink per day) x (20 working days per month) = $40 to $200

Monthly Savings: $40 – $200

8 – Sell High

When your stocks go up in value (perhaps well above their previous highs), and you’re thinking, “Yes! I’m finally about to become a millionaire,” stop being such a moron and take your cash while you can. Letting your portfolio of stocks plummet in value is a really easy to lose the money your business made in the first place. If you don’t want to follow your investments daily, set sell-stops so that you don’t have to. But regardless, don’t just sit around and lose your shirt.

Monthly Savings: Only you know this number

9 – Learn to Cook Gourmet

Cut out one fancy dinner per week and you’ll easily save $200 a month, especially if you like to entertain guests. If you’re relying on restaurants to be impressive, note that people like it better when you prepare it all yourself

Monthly Savings: $200 or more

10 – Make Your Own Wine/Beer

The first kit won’t save you much money, but it will still be cheaper than any sale in town.Subsequently, wine will cost you approximately $2/bottle and beer even less.

Making wine or beer is best done in good company (as your drinking should be!) Aside from ensuring fun throughout the whole process, if everyone does their own kit and you all split the results, you get a variety of products and minimize the risk of one or two ruined batches.

If you’re having a company party, this is an easy way to cut costs and do great team-building (the brewing process) as well.

Depending on how much you drink and how much you pay, this can save:

Monthly Savings = (X*Y) – (X*$2) Where (bottles/month = X) and ($/bottle = Y)

Adding Things Up

Take the amount of money you’ve saved with each of the 10 items above, put it in the “Monthly Savings” column, and see how much you can save!

Monthly to Annual Savings

If you can’t make things add up to $12000 per year (just $1000 per month, or less than half of the list above), there’s something wrong with you!

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