5 Smart Tips For Saving Money in 2018

Save moeny

Are you a student aiming to save for your MBA or a small business aspiring to grow and save money at the same time? Whether you’re a parent, a professional or a business owner all of us, in some way or the other, are in search of effective money-saving ideas. It might seem an uphill task but if you consider the tips I’ve compiled below, saving up on precious bucks will become less daunting.

Create An Expense List

The hardest part about saving finances is the starting point. The key to effectively achieving your target is to manage your expenses and practice frugality. Start by jotting down your personal expenses and all related costs to create your expense list. It will help you set realistic goals for yourself. Moreover, it will assist you to keep track of your spending, thus allowing you to avoid overspending and cut down on expenses to meet your target. You can also use a good money-saving app to help you create your financial plan.

Practice Frugality

Penny pinchers might come off as misers but it’s wise to spend with caution rather than waste your savings. Factor in expenses like household items, bills, taxes, food and personal spending during the budget planning and stick to it. Focus on your needs rather than your wish-list, prioritize your expenses, and steer clear of impulse buying or spending. Find out where you can slash your expenses or cut back on costs. If you’re a businessman looking for money savings, find out the activities that you can cut to reduce unnecessary overhead. For example, if you want to organize a trade show for your firm, go for inexpensive custom display rentals from reputable firms like Expomarketing.

Set A Budget For Yourself

You’ll be best able to track your spending with a defined budget. With an expense list in hand and an insight into cost cutbacks, you’re on your way toward meeting your saving’s goal. Once you set a budget for yourself considering the expense list and your income, make an effort to stick to it. Set a target that reflects the amount you want to save every month, say 10-12% of your earnings and ensure your spending doesn’t exceed the budget limit, else, consider your savings blown away. You can also use a tool like ‘Better Money Habits Spending Analysis Tool’ to analyze your spending pattern and make the necessary adjustments.

Define A Goal

A great way to save money is to define a goal like savings for a wedding, an MBA program, down payment of a car or funding for a startup. This will help you set realistic targets for yourself encouraging you to save the required amount every month and abstain from overspending.

Open A Savings Account

I recommend you open a savings account in a bank where saved finances are deposited or transferred every month. If you’re a US resident consider using FDIC-insured deposit accounts like Certificate of Deposit which keeps your money locked for a specific profit margin every month or an FDIC-insured individual retirement account (IRAs) which is a tax efficient savings account apt for long-term money-saving goals.

How to Grow Your Small Business and Save Money

Save money

While tax reform might have added a boost to your bottom line, the odds are that you are still looking for ways to grow your small business and save money.  Sounds a bit fanciful, doesn’t it?  Well, growing your business will improving your profitability doesn’t need to be the stuff of fairy tales.

Instead, there are a few tried and true approaches that you can use to get you, and your business, to the promised land.  So, if you want a bit more money in your bank account every month, then read on.

Marketing on a Budget

As the saying goes, ‘you need to spend money to make money.’  While there is some truth this, the reality is that this slogan is often mumbled to help justify spending hard earned money on something that doesn’t work.

In this case, it is advertising.  If you feel frustrated about figuring out the right way to let customers know about your business, you are not alone.  In fact, it can take years for many small business owners to get the equation right for their business.

However, there is a better way – communal advertising.  This is a mix of getting out in the community and sharing resources with other small business owners.  By going local, you can leverage your ties with the community as well as the strengths of your fellow business owners.  Ultimately, this form of local marketing will pay massive dividends for a fraction of traditional marketing and advertising expenses.

Updated Your Website without Going Broke

If you are like most small businesses, then your website is your window on the world.  Sure, some of your customers live in your hometown and they can drive or ride their bikes to your door.  However, you may also have customers who live halfway around the world and this means you need a great website to make sure they keep coming back for more.

In the days before the iPhone, you would have needed to hire a designer and spend tens of thousands of dollars to get the website you wanted.  However, times have changed and today you can use different platforms like Wix and Squarespace to the get website you always wanted.

What makes these platforms useful is the ability to customize based on your needs.  This is important as you don’t want your window to the world to look like a cookie cutter.

Get the Help You Need

One of the biggest challenges of growing a small business is knowing who to turn to when you need help.  Let’s face it, the answer is usually that you, the owner, just need to roll up your sleeves and find a way through whatever is in your way.  However, there are times when advice and counsel from experts can help you to break through the challenges you are facing.

This means having access to accountants, lawyers, and consultants who not only have experience in your industry but know how to tailor their experience to the specific needs of small business.

While you think this might be simple, the reality is often different. This is because experiences with large, multinational corporations or with well-funded startups in hyper growth mode can rarely translate to what is happening with most small businesses.

As such, don’t choose your help based on where they last worked or went to college instead make sure they can relate to what you are going through as a business owner.  For instance, Nguyen CPA is a small business accountant in Denver and the principals have built their firm on helping owner-operators in the Mile-High City and beyond.

2nd Hand Equipment

Let’s face it, there is something about new equipment that gets everyone excited.  Maybe it is because of the additional capabilities the new equipment lends to your business or maybe it is just the idea of the bright shiny thing.  Either way, investments in new equipment can make everyone feel better about a business.

Yet, there is a downside to new equipment – it costs a lot and this is often a barrier for many small businesses who are struggling to make ends meet.  As such, you might want to consider getting your hands on used equipment as a way to get stuff done without spending a lot of money.

This approach works best when the differences between new and used equipment are relatively minor, or the equipment is not vital to the success of your business.  So, the next time you are looking for that new gadget for your business choose a less expensive option that will get the job done.