To get your business off the ground, it’s important to make financial sacrifices to support your new venture. One golden rule of budgeting to remember is that every little bit of effort counts. You can invest in your big ideas by making small changes throughout the year that eventually add up. Here are a few easy savings tips to incorporate into your financial plan:
Use A Savings App
There are savings apps that will slowly syphon off dollars and cents from your income and keep it on hold for you until you’re ready to make a purchase. If you want to put money towards a business, it’s best to start this process as early as possible in the year, and increase or decrease your contribution depending on how you’re tracking. Tools like this are great for saving because it takes a little away at a time so it’s much more manageable month to month.
Sell Your Old Things
You could be sitting on a goldmine hoarding items in your closet that you don’t wear anymore. Take that vintage purse and jacket and see what kind of money you can make from them by selling the loot to your favorite consignment shop. Use your social media platforms to post and sell your clothes/shoes directly to potential buyers. And if all else fails, go old school and plan a summer garage sale.
Not eating out is a great way to cut back on costs, stay safe, and keep more money in your wallet. Try to make this chore fun by challenging yourself to cook a crazy Pinterest recipe for dinner or maybe putting your own spin on Grandma’s coveted macaroni and cheese. Also, the $16 cocktail you order during a dinner out could be substituted for a great $16 bottle of wine instead. These small sacrifices will add up to get you closer to your business goals.
Pick Up A Hobby
What ideas or talents do you have that are sellable? For some folks, it could be designing wreaths, for others, it could be writing a freelance article for their favorite dot com from time to time. Whatever your thing is, take a bet on yourself and see what side hobby you can finesse into real extra profit for you and your business.