An Entrepreneurs Blog
For Aspiring Entrepreneurs
Feb
05
Posted by: Mike
in How To & DIY  
Tagged in: Untagged
Today it seems every where people are looking for ways to stretch a dollar. In the past our economy was great at providing products and services to meet our needs. Today's economy seems like it manufactures needs to provide us more products and services. Even grown ups act like children in a candy store with regard to spending and credit. I think things definitely need to change to get our economy back on track. Our government has typically encouraged us to spend to keep our economy growing. However, we can't really expect to spend out way out of bankruptcy! Ensure you differentiate between your needs vs wants, value vs price and practice prudence with your finances. If you focus only on the numbers in your bank account you may win the battle but still lose the war. Focusing on your Net Worth ensures you win both the battle and war. Although these tips may not seem economical, the title does say Drastic tactics :) . Enjoy the tips! | Saving Money on you Car | - Get rid of your car if possible, example: Living on campus or near work.
- Car Pull to save on fuel.
- Keep all your spare change in a jar for gas money.
- If you are being charged an interest premium to insurance in monthly installments just pay the yearly cost upfront.
- Travel only when you have to, no joy riding!
- Properly inflate tires can save up to $400 a year in gas.
- Make sure you keep your vehicle maintained properly otherwise it will cost a LOT more when it breaks.
- Lighten the load of your vehicle and keep your windows rolled up for less wind drag.
- Purchase or trade down to a vehicle that is efficient on fuel.
- Take public transportation to minimize fuel costs.
- Sell your vehicle and purchase a cheaper one.
- Drive slower, most vehicles are much more efficient at 50mph and 60mph. Turn off the AC for added fuel savings.
- Put new spark plugs, it ensures you get more bang for your buck on gas.
- Shop for cheaper insurance or change your insurance policy to a higher deductible for things like theft and collision will lower your payments considerably. Make sure you can afford the deductible.
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| Saving Money on Food | - Learn to Cook! There are recopies for every budget and time frame from simple to complex to microwavable recopies.
- Use Coupons buy the Sunday paper!!
- Buy in bulk, Costco, Sams Club. However make sure just because your buying more your not consuming more.
- Make a shopping list of necessities and stick to it!
- Shop at low cost grocery stores.
- Make fewer trips to the Grocery store to minimize impulse buying.
- Buy cheap filling items that can be used for multiple types of meals.
- Eat out only on special occasions or as a reward for staying within budget.
- Eat out at restaurants for lunch instead of dinner. Dinner Menus tend to be much more expensive than Lunch menus.
- Pick restaurants with economical prices without sacrificing food or dinning experience quality.
- When you do go to restaurants check online for coupons first, get what's on special or just get the appetizers.
- Invest in a quality Coffee machine for you Starbucks fans, Coffee & lattes are expensive now days, make your own!
- Pack your own lunch for work instead of eating out, its about $7-$10 every time you get fast food a home made sandwich cost you maybe .50 cents
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| Saving Money on Entertainment | - Stick to low cost entertainment. Rent a movie instead of going out to the movies, or buy DVDs on special at Wal-Mart.
- Just have friends over for cards, dominos, a movie, board games etc.
- Colleges normally have tons of activities and events going on, check fliers and event schedules' for free entertainment.
- If you attend Theme Parks always call or check online for ways to get in free or at discount.
- Find out what days entertainment locations, night clubs/pubs etc have discounted admission or fees.
- Always ask for student, military, senior citizen etc.. discounts where available.
- Just trade or borrow movies from friends so you don’t have to buy or rent them.
- When you do go out set a low budget for the night and only take that amount, more money doesn’t = more fun.
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| Saving Money on your Bills | - Most of us have online banking nowdays, export your entire history, it will give you a good idea of your sending habits
- PAY OFF YOUR CREDIT CARD BALANCE IN FULL EVERY MONTH. If you can't your probably not budgeting properly.
- Consolidate student loans for a lower interest rate
- Ask lenders if they would be willing to lower rates further for setting up automatic bank withdraws.
- Ask about Graduated Payment schedule on student debts with smaller payments initially that rise as you get established
- Join internet, cable and phone services into one package, this is known as bundling to save money.
- Drop your LAN line all together and use only cellular or internet based phone service such as Yahoo/Skype.
- Up to 40% of a total home energy use can be attributed to unused electronics/appliances plugged in. Unplug them!
- Minimize use of major end appliances, ESPECIALLY central air unless ABSOLUTELY necessary
- keep the thermostat at a reasonable level
- Turn off the central air at night and just get a good blanket.
- If its cold buy a good pair of thick socks to walk around in at home. If its hot buy a fan and open a window.
- Turn down the Central heat to maintain a comfortable atmosphere, over heating costs considerably more!
- Take shorter showers, use cold water for washing clothes
- Turn down the water heater temperature to reduce water and heating bills
- Limit number of channels or cancel cable TV all together along with any other non-necessities.
- Cancel credit card payment protection if your have low balances ($4-$7 a mo if you cant make payments due to injury)
- Join car, home, flood and renters insurance together under one policy with one Insurer to gain discounts.
- Stay Healthy to lower your health care and medical costs. Exercise, eat healthy etc..
- Cancel or forego any extended warranty plans on items or services purchased.
- Stop taking money out at ATM's the fees add up. instead get cash back when making purchases.
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| Saving Money In Your Relationship | - Share financial goals with each other so each can help the other reach their goals. Think Win Win situation.
- Communicate more about finances, of coarse the longer you've been together the more important this is.
- Be respecting of each others financial situations, and be willing to compromise when it comes to finances.
- Share expenses incurred together or take turns paying for dining out, events and holidays.
- For birthdays and holidays stick to low cost meaningful gifts.
- Remember it may be more difficult for your partner to earn a dollar than it is for you, so they may view things differently
- Being candid and let each other know about financial goals you want to obtain to keep things on track with spending.
- As you can see this has less to do with spending less, and more to do with communicating more.
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| Saving Money on Personal Hygiene | - Personal hygiene and face wash / razors etc are expensive, try to use small amounts or less frequently
- Look for the cheap brands and store brands for things like mouth wash, gel, shave cream they usually work just as well.
- Learn to cut your own hair, clippers/scissors are cheap and its not rocket science, saves $10+ per two weeks roughly
- Dilute and Divide liquid soaps, shampoo, dishwashing liquid, liquid household cleaners for longer use
- Use shampoos, soaps, toothpaste etc. all to the last drop.
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| Saving Money on your Cell Phone | - Skype and Yahoo both offer online phone service with long distance rates as little as 1cent per min, looking into it!
- Lower your plan if there is a lot of unused minutes
- Don't get a plan, get pre-paid and use it only for emergencies or quick conversations.
- Put cell phone plan on hold for a small maintenance fee just to keep the contract when not in use for extended periods
- Now day's there are all kinds of addon services: internet, long distance, ring tones, downloads etc, stick to just basics!
- Stay within the limitations of your phone plan to prevent overage charges they are expensive!
- Upgrade to one that will accommodate your talk time to prevent overage charges, or TALK LESS.
- Use email, instant messenger or other forms of contact instead of using a phone.
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| Saving Money when Spending | - Put off buying new clothing as long as possible
- Properly maintain the clothes you have now so they last longer, less washing, set wash cycle on shortest time
- Buy your Christmas gifts early in the year, get small meaningful gifts instead of expensive ones you cant afford
- Finish all your holiday shopping by September.
- Look out for clearance items as gifts through out the year. OR Make your own gifts for people!
- Shop and Sell at EBay and Craigslist to make a little extra spending money or to find cheap deals
- Shop at Thrift stores and or outlets for simple items.
- Shop for clothing out of season for clearance sales
- Carry only the money you budgeted for the day, leave credit cards and check cards at home
- Give up your gym membership and purchase free weights or a bicycle
- Use public resources such as your local library instead of purchasing books or learning materials
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| Saving Money when Traveling | - Book Early! Can't stress this one enough.
- Book during off seasons June-July time frames are usually busy months
- Travel in groups to get group discounts or just split the costs where possible
- Take the bus/train instead of flying
- Use online services to help with booking and price checking cheaptickets.com, travelocity.com, bookingbuddy.com
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| Saving Money on the Holidays | - Save your holiday items from year to year, Christmas ornaments, Halloween Gimmicks, Thanksgiving dishes etc.
- If away from Family consider foregoing Holiday shopping. Holiday's don't = you MUST buy stuff.
- During Christmas have a lottery so everyone picks one person, keeps you from purchase a gift for everyone
- Don't give Gift cards, there are millions of dollars each year that are never spent on gift cards.
- Do Christmas shopping right after Christmas for next year to take advantage of year end sales
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| Make some Extra CASH! | - Get extra work hours if you can, or get a second part time job or Temp Agency job
- Sell the things you don’t use on eBay or Craigslist, Craigslist is FREE to list and sell.
- Have a garage sale, make sure you advertise a whole lot and try to get decent prices for your stuff.
- Sell your current phone and down grade to a cheaper one and pocket the difference
- Learn computer repair and computer maintenance and perform your services for money or trade for what you need
- Do yard work, mowing lawns, hauling away garbage for a little extra cash
- Better yet start a landscaping business. Start up costs are low, customer base is wide and finding help isn't difficult
- Offer Cleaning/ Janitorial services to business offices, cleaning, vacuuming, trash disposal, disinfectant, carpet cleaning.
- Recycle scrap metal or aluminum cans, they are everywhere.
- You can get about half of what you paid for your old clothing if in good condition at Goodwill & Consignment stores
- Purchase Vending Machines large or small and locate them anywhere there is traffic. Break even is about 3 mos.
- Take up a hobby, eg: Make small picnic tables and lawn chairs. Sell by word of mouth, swap meets, yard sales, online
- Baby sit for friends, family and neighbors. Do a good job and ask for referrals. Learning CPR is also a plus.
- Donate Plasma,isn't high on the list, however its safe and can earn a quick buck if you desperately needed it
- Do basic auto services ie; Car wash/detailing, oil change, tire pressure check, wind shield wiper fluid for extra cash
- Offer pet sitting, dog walking, bathing or general pet care services to friends, family and neighbors
- Get business cards promoting any services you do and give them to EVERYONE, fliers are cheap and work well also
- Look at being a mystery shopper in your area
- Sell your car and downgrade to a cheaper car and pocket the difference
- Participate in Swap Meets/Flee-markets and sell items you make, or purchased wholesale elsewhere.
- Other Vending: roasted corn machine, ice-cream stand, cotton candy machine, popcorn machine, hot-dog stand snack store or taco stand. All are cheap to start and profitable
- Open a T-Shirt/Hat logo and Business sign printing business (I want to do this one :D)
- Learn to cook very good and advertise your services as a personal chef for all types of events
- Be a personal Organizer for events, socials, parties, conventions, sports games etc.
- Offer time saving services for friends, family & co-workers. Babysitting, Grocery Shopping, Car Servicing, Lawncare, Letter Writing, Gift purchasing, Mail drop/pickup, dog walking etc.
- Offer time saving services to College mates, moving assistance, car services, mail drop off/pickup, pet care/sitting, tutorials, resume building, job research, letter writing, rides home
- Start a Toeing Service, Purchase a slim-jim set a wench for toeing and provide your services in the yellow pages
- Be a handy-man/woman, if your a jack of all trades offer your services to friends, family and co-workers, yellowpages
- Chop down trees Sell/deliver firewood in bundles for $, get them ready for summer BBQ's and the winter chill!
- Is there graffiti in your area, offer pressure washer/Sandblasting services and clean up the neighborhood.
- Rent your living room, den or extra living area for a small fee, turn it into a bedroom just add a futon or big bean bag and have a friend/relative who wants cheap rent in your area share the cost.
- START A BUSINESS and learn to make passive income by reading the Articles on X-Tensive Opportunities!!! There is a difference between giving yourself a new job, and creating a business. Learn how to create a real business!
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