Money is the centre to any thriving business. But it’s not always about making money (although of course, that’s the main goal) but it’s also savvy-spending and strategic-saving.
Ever since I can remember, I’ve been a frugal person and because of this I’ve picked up a few strategies over the years that have served me well in business and life. Now, I’m sharing these strategies with you.
15 Money Saving Hacks for Business & Life:
Personal Savings
1. High Interest Rates
One of the quickest ways you can lose money is not being aware of your bank account’s hidden interest rates. It’s time to look into your accounts and see if you’re being charged interest rates that are depleting your hard-earned cash over time. I’ve been using Tangerine as a savings account for around 5 years because they do not charge interest and I even get paid interest on the money I’ve saved. I also use it as a separate account from my everyday banking so I keep my money out of sight, and consequently out of mind. This means I’m less tempted to spend it frequently and can save more in the long run.
2. Compare Prices
Paying for home electricity, phones, insurance, internet or hydro? Of course, you are. These things are a necessity to our everyday lives but some providers cost a pretty penny. Dedicate an afternoon to sit down, collect quotes from multiple essential service providers and compare them against each other. I recommend doing this annually as companies change their pricing, policies and offers all the time and there’s always a better deal out there.
3. Collect and Use Coupons
When you think of a coupon collector you may get an image of someone bringing in a bag of clippings to the supermarket. Although paper coupons still exist, couponing is much more modernized these days. There are many virtual coupon sites where you can upload your receipt after you make a purchase and get some pretty great deals.
I consider myself an avid couponer and some great coupon apps that I use are Swagbucks, Caddle, Receipt Hog, Checkout 51, and Eclipsa.
You can also save on food with the Flashfoods app. On Flashfoods you can find deals up to 50% at your local grocery store on marked down food items. When you sign up to Flashfoods with referral code KAYL3X0YQ you can get $8 off your first order (as long as your purchase is over $10). Cool hey?
4. Invest In the Future
Investing is a hot topic nowadays and for good reason. If you were to set aside just $50 a week into a high interest fund, in 10 years you could have double or even triple what you’ve contributed – that’s free money! However, you can invest other ways as well such as real estate investing where you can even rent to long-term or short-term renters.
5. Buy Second-Hand
If you’re anything like me then you love to read, but buying new books can add up. Instead of buying brand new, consider purchasing them second hand or check them out for free at your local library. You can also do this with so many other areas of your life whether it be vintage fashion or gently used furniture and appliances. Facebook Marketplace or Kijiji are two great places to find anything second-hand.
Business Savings
6. Outsource Skills
Outsource non-client facing work such as administrative, marketing or design to outside contractors and freelancers. You may think that this is an expensive investment but you can find professional services on sites such as Fiverr, with gigs starting at as low as $5 a project. I often use Fiverr in my business especially with marketing and content editing.
7. Get Savvy With Accounting
No one likes tax time but a trusted accountant can make that time of the year so much easier. Keep track of all your receipts, both digital and physical. You can store all your digital screenshot receipts in a Google Drive folder, and take pictures of your physical ones and upload them there too. Then give them to your accountant come tax time.
8. Get Free or Discounted Knowledge
Upping your education can be an expensive feat. Sign up for discounted or free training courses that support your personal and professional development. PESI has amazing online trainings for therapists at discounted rates. I started the Complex Trauma Certification Training with Janina Fisher and I love it!
When it comes to trainings however, it’s important to understand the benefits and limitations with respect to any training. You may first want to consider your professional development goals, quality of the training, and application within your practice or business before considering cost as a factor.
But sometimes as a business owner, you might want to learn a new skill, process, or strategy for business growth. In these cases, you may find exactly what we need through a simple search engine or Youtube search or finding a lower-cost alternative through sites like Udemy.
9. Grants and Funding
Depending on where you live you might be eligible for business or government grants that can cover your training, hiring and other business expenses. These are great because you would have had to cover those costs anyway but a grant allows you to save it for other purposes in your business. Recently, I completed a certificate program to up-level my skills and the cost was covered under a training grant. Grants are out there, it just may take a few Google searches and an application.
10. Go Virtual
Save on the office space rent, electricity, wifi and other utilities by conducting your sessions from home. Find a quiet spot that feels welcoming and professional and conduct a virtual sessions. You’ll find that so many clients love this approach.
11. Enroll in a Clinical Supervision, Mentor or Coaching Group
Join a clinical supervision, mentor or coaching group. Whether you’re seeking clinical supervision, mentorship or coaching, typically group programs costs less per person than 1-1 sessions. Also group formats have an added bonus: you learn from others experiences so you can prepare before similar issues arise in your business.
12. Do it Yourself
Sometimes there’s just no money to outsource. Don’t let this hold back your business though. Instead, have a go at learning new skills whether it be writing your own marketing material to creating your own logo.
When I first started out, I used Tailor Brand to create my very first logo at low-cost and it did the job perfectly. Once I gained reliable income, I was able to upgrade my logo by using a professional designer, but I loved the process of creating my own.
Another great site where you can create marketing materials, visuals or logos (for free) is through Canva. Canva is a user-friendly designing software that you can use for designing pretty much anything.
Ultimate Money Saving Hacks
13. End of Season Sales
Hold off on your big purchases until there’s a sale. If I’m looking to upgrade my laptop then I’ll buy it during Black Friday or Boxing Day sales. If I’m wanting to buy business supplies, I purchase them during back-to-school sales. If I’m looking to upgrade my outdoor area with summer patio furniture then I’ll buy it in August/ September once it’s had a massive price drop. Then I can enjoy it when Summer comes around again. I really do love a good sale!
14. Tally Up Points
Try shopping only at stores that allow you to gain points on a loyalty reward system. That way when you purchase supplies or items that you would have gotten anyway, you’ll be rewarded in time with exclusive discounts or deals. I personally save up my loyalty points every year for the holidays.
15. Use free trials, promotional codes or referral links
Many digital products offer free trials directly on their website or have sales various times of the year, others require referral or affiliate links from existing customers or affiliates, or simply searching promotional code on a search engine, if you’re lucky one will pop up in a blog or article. In the past, I’ve saved almost $100 on a single purchase by simply typing in “promotional code {product}.”
There you have it, 15 money saving hacks for your business and life.
Now it’s time for real-life implementation! Take any of these money-saving hacks and use them to save money in your business and life!
Disclaimer
Any links, referrals or promotional codes listed may be affiliate links where we may receive a small monetary compensation, at no extra cost you, when you click on or use links.