Not
many of us can earn more than our current income. As a small-business owner, mine is based on
what the market will bear...with little wiggle room. Of course, I can create new products
or work longer hours. Nevertheless, I am
ultimately bound by customer’s discretionary spending—as many small business
owners are.
In my 20+ years as a small-business owner, I have learned that it isn’t what I
make, it’s how I spend that adds to my bottom line. Consequently, even if many of my expenses are
set in stone, I do chisel away at my discretionary spending. Follow along as I share my tips for spending
less to earn more.
Avoid the Frivolous
Ignoring
my passions is difficult sometimes, especially when it comes to visiting my fav,
Starbucks. I adore sitting at an outdoor
table enjoying a cappuccino and watching the world go by. Still, this can be a huge budget buster
considering each drink costs over $4. If
I was to indulge in one cappuccino three times each week, I’d lose $624 a year
to my habit. Therefore, I save those
coffee moments to when I’m on the road for business.
Eating
out frequently could also chip away at my budget, as many dinners could cost at
least $20. I estimate a once-a-week outing at $1,040 by the end of the
year. So, I save dining out for special
occasions and choose lunch over dinner.
Lunch is cheaper and is typically smaller portions, which is great for
losing those holiday pounds. Additionally,
I’m not tempted to include wine with the meal—another budget-busting cost.
Shed the Unused
Do
you really use everything you buy? I ask
myself this question each year as I reassess my reoccurring monthly expenses,
which are huge budget busters. Through
the years, I’ve learned to treat these services like the dusty, unworn dresses
that have been hanging in my closet for years.
I scrutinize each service questioning its value. Do I use it every
day? If not, it’s tossed.
For example, I don’t watch enough television to justify subscribing to cable. Today, much of what I watch, like news,
weather, and science are available through streaming services. Services such as Hulu makes cherry-picking
your favs easy and affordable.
Netflix
is another casualty during the summer months.
Although I love movies and science documentaries, I don’t watch
television much during the summer. I’m
outside when not working, even at night, as our climate is lovely at
night.
Cellphone
monthly bills can also be a drain on the wallet, especially when including a
data package. Data packages can add
another $50 – or more – to a monthly cellphone bill. It may be more budget-friendly to choose a
pay-per-use plan. I checked out plans
for my preferred provider and now save well over $50 each month.
Junk the Unneeded
Do
we really need the newest thing? I love books
but concluded that owning every one of my paged friends is not financially
smart. Luckily, I still have access to
them through the library. I can even
download e-versions of my favorite books.
The same goes for movies—another love of mine. Instead of purchasing my favorites, I rent them from a movie kiosk for $1.20. I tend to watch my favorites only once or twice a year anyway. Now, I can watch many more movies for the same amount of cash.
More
by Rebecca
5 Tips to
Consider Before Beginning that Home-Based Business
How I Cut My
Food Bill in Half
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