5 MONEY MAXIMIZING TIPS
#1 Needs vs Wants
It’s fine to live how you want but when bootstrapping*, every penny counts:
• Your needs can sometimes be adjusted.
• Wants are not always necessary.
• If you really want something you don’t needy sleep on it, If you still want it, get it.
- Bootstrapping describes a situation in which an entrepreneur starts a company
with little capital, relying on money other than outside investments. Source: Investopedia.com
#2 Check Your Rent
Rent is probably your biggest expense. Find
ways to minimize it.
• Can you downsize?
• Do you have a spare space to rent out?
• Could you move to a more affordable area?
• Could you perhaps negotiate the rent
(some place offer 1 -2 months free rent).
#3 Check Your Food
When bootstrapping, dining out can get expensive. There’s an app called Flipp. It shows you savings and coupons from national and local retailers. They also include grocery coupons. Use Flipp or similar apps to save on your grocery
Helpful but do you really need one? Try biking or use an electric scooter. If going without a car is possible for you, you can save a lot of money yearly. If going without a vehicle isn’t feasible, your vehicle, if used for business, is tax-deductible.
#5 Credit Cards
Avoid paying annual fees. Pay your credit card in full every billing cycle. Earn cash back, points and rewards. Get a business credit card to help grow your business credit worthiness.
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