10 WAYS TO SAVE & MAKE MONEY TO START YOUR OWN BUSINESS
Most start ups are funded by personal savings, so this is a time where it is super important to distinguish needs from wants and keep spending to a minimum.
Cut back on things you don’t need. Do you really need that $4.50 cup of coffee every morning? That adds up to $1600 a year...
And pay only for what you use. If you stopped going to the gym 4 months ago, cancel your membership.
If you have to dine out, lets say for a friends birthday – opt for the cheaper options, and drink water. And as much as you can, eat at home. Food adds up.
Create a budget, and follow it. What I used to do, was set up a bank account in a different bank to my usual bank, and I would deposit savings in it. I didn’t have a card to withdraw anything, and also didn’t have online banking for it, so theres no risk of trying to use that money. You can also put your savings in a term deposit, that way you’ll gain some interest, but you’ll forgo that interest if you take it out early.
Saving is sometimes not enough. To speed up the saving process, you could find some alternative ways to make some cash!
Sell your old unwanted things lying around the house. I do this ALOT. Don’t just throw it away or let it sit there gathering dust. They may be trash to you, but to someone else, they could be looking for one and are willing to pay you for it. Every few months I try and gather all the things I don’t use, take photos of all of them and upload them onto an online marketing place for $20, $30 a pop.
It all adds up!
You can also do odd jobs, things that are easy to set up. You could try…
- Rent out a room in your home
- Buy and re-sell on eBay, trade me (market places)
- Dog Walking
- House Cleaning
- Pet Sitting
- Gardening Services
- Handyman Services
- Virtual Assistant
Regardless of how you make that extra cash, you have to actively be cautious of your spending the entire time. I used to feel so cheap, always opting for the cheaper options when out with friends, but now, it’s paid off!