Investing when I have no money? 24 tips to save money
must-read post
24 Ways to Save Money for your Home Business Budget
I promised people in my last post and my weekly team updates at SFI that I would publish a list of money saving ideas that show how much money you didn't know you had laying around or being wasted. Many people think when starting a home business that they will be mega successful without an investment in themselves in part because of the number of Internet Scams that promise exactly that, and others realize it takes investment but they just don't think they have the money to do it.
Both are usually pressed for money and need to learn good money management skills to ever hope to better their life. These money saving tips for home business owners are sure to get you on the way saving the average American a few hundred dollars a month and a couple grand on the year. Some are more immediate and others pay off long term but there may be short term cost to get them working.
Regardless of the shape you are in financially you are sure to be able to apply at least 80% of this list to your own life no matter where in the world you are and no matter what income you have. We all have certain waste items in our lives we never even think of putting on the chopping block but doing so at this point you could explode the amount of these luxuries in your life in short order by turning your disposable income into collateral for investment.
Investment Capital is one thing a home business owner tends to try and put a limit or price tag on and limit but the wealthy affiliate will tell you should never have a limit. If asked how much initial investment is needed to reach success in the shortest time frame 8 in 10 millionaire affiliates will tell you every penny you can find on the ground as well as all your savings and your first 3 years revenues.
Think about that last part. Not only are you going to need every penny you can save elsewhere, and every penny you can find to add to it, but you should also invest the earnings in the business back into the business for at least 2-3 years. I advise not to stop reinvesting until you can maintain your current investment plus replace your current cost of living for the time to give up your current job and to continue increasing your monthly and annual investment by at least 10% each year after.
That's a lot of money we don't have today but if we ever expect to have it we must become like the people who have it when they earned it.
So let's start our list of money saving tips for home business owners.
1. Car Care – By ensuring proper tire inflation, proper fluid levels, on time oil changes and tire rotations, regular use of B-12 Chem Tool and Lucas Transmission Stabilizers and oil Treatments, and last but not least removing any un-needed weight such as dirt and grime, and objects left in the vehicle we can increase our gas mileage by up to 4 miles per gallon, that's 40 more miles of travel on 10 gallons of gas and it adds up fast if you work more than a mile from home. Don't forget ait and fuel filters, PCV valves on Fords and anything else your mechanic tells you zaps fuel when it's worn should be added to your preventative maintenance list.
2. Work less than a mile away try walking at least 3 days a week to stay in shape and save on gas.
3. Work more than a mile away try carpooling or take public transportation if it will save you money.
4. Air Conditioning Automobile only when it is a must is vital to fuel savings. When you A/C runs an added set of motors and pumps engages and puts load on your engine and your alternator must also work harder. This zaps horsepower and requires more energy in this case gasoline to mover the same speed and distance.
5. Breakfast and Lunch during the work week. For many in America, Canada, the UK, and Asia it is easy to be pressed for time and stop at McDonalds drive through for a McMuffin on the way to work, and grab lunch from the food truck or close by restaurant during your lunch break. I know when I was working outside the home 2 of my 3 meals 5 days a week were in the restaurant and deli at Wal-Mart. I ate up $12 a day of my paycheck a whopping $60 a week that I could have cut in half by eating at home before shift or from home on the way to work, and via lunch box or brown bag mid shift.
6. Dinner out. The average person globally eats out in restaurants 2-3 times per month at a whopping $35 per 2 person ticket. Same meals at home $under $8 per person to prepare. Savings on 2 meals a month $38 and 3 meals a month $57 just for dining in.
7. Cut out the bar and drink at home, even a small party cost less than the average night of paying 7-8 times the cost of the liquor buying shots and mixed drinks downtown.
8. Movie Nights, it's cheaper to wait for movies to get out of the theatre and onto PPV where instead of $10.50 per person plus $10 a person for a drink, a small popcorn, and some candy it cost you $9.99 for the PPV which you can Tivo to watch again, and under $4 for the popcorn, soda, and candy. Savings for a 4 person family using these figures is $56 per trip to the movies and the delay from initial showing to PPV is typically 2-4 weeks.
9. Shopping always use coupons from your Sunday Paper and go on Double and Triple Coupon Days and use your store's club cards for discounts and in many places free gas. I know going to the local Fry's here in Yuma I can earn gas while saving money, and keeping a majority of the money still in Yuma.
10. Did someone say patches? Your favorite blue jeans have a hole in them, you can cut a couple more and sew patches behind them and have those ripped jeans everyone else is paying $80 a pair for while extending your clothing dollar another 2 years.
11. DIY Expert. Watch videos on Youtube and learn to do most common home repairs and plumbing and you can save $500 or more a year on hiring professionals.
12. Renegotiate mortgages and car payments when the interest rates and terms are favorable and pay down the principal when you get your tax return.
13. Use an accountant to find out what portions of your purchases gas, and if you do work at home your office space you can deduct on your taxes. Even people who work a 9-5 job but are constantly having to bring work home to complete can claim work from home tax credits that even pay a portion of rent and utilities in the home.
14. Save electric by replacing bulbs with CFL or LED lights, these expensive things can save you $50 a month or more when combined with only turning on the lights you need.
15. Use yard lights? Many of these lights and even bug repellents now come in solar powered versions that charge by day and power your lifestyle after dark.
16. Save up to $75 a month by turning your thermostat up 2 degrees during the summer and down 2 degrees during the winter from your regular temperature setting. At first it may seem hot or cold to you but within a week your body will accustom to these new temperatures and you will start saving money. Only run that A/C or Heating unit when needed and you save even more.
17. Central Heating and Cooling units have filters inside the house that have to be changed every month to two months. If they are allowed to remain dirty your unit has to work harder and cost you more than that $9 for 3 3 to 6 month's of filters.
18. Save money by switching to an electric catalytic water heater from a tanked heater and an electric Stove and Dryer instead of gas and not only eliminate a gas bill and it's related taxes but be able to get your home Energy Start Rated which gives utility discounts and a nice annual tax credit as well.
19. Save water by upgrading to efficiency toilets and adding a small brick to their tanks to further decrease amount of water used.
20. Take dry showers. Water down and turn the water off, later and wash hair then turn water back on long enough to rinse good but not long enough to soak. This can cut your water bill in half.
21. Water lawns only in the evening and if you own your own home look into investing in an on site water reclamation unit so you reuse gray water from showers and hand washing to water plants and lawns. Reusing water that has been filtered by the system means you get twice the use from the same acre foot of water, and since you watered at night it takes less water than by day where you have to water extra due to evaporation. Best part is this is another green energy home improvement and federal tax credits may pay for it or enough that you get those savings for pennies on the dollar of paying the bill yourself.
22. Solar Panels. If you can install solar panels on your home you can potentially not just save on your electric bills but when you aren't home and the electric isn't being used the extra electricity can be sold to the power company to have them help pay your remaining electric bill. This is called grid sharing and it helps cut your price per KW power while taking load off systems that might cause cost to rise even more in the future.
23. Garden this, and catch your fish. The more things you can grow, kill, or catch the less mark up you will pay for these things in the grocery store. Peanut and Citrus trees make for nice landscaping, they also provide vital foods and snacks. Berry Bushes look awesome around the house and berries can make jellies, pies, and be frozen for later use or used immediately if you wish.
24. Pay More for Quality. Example, leather shoes and boots don't wear out as fast as cheap tennis shoes, and even those $100 hand sewn Nike's are better than glues Payless cheap shoes.
25. Stop smoking, drinking, and seek herbal solutions over high priced medications.
26. Compare Auto, and Home owner/Renters insurance policies every 3-6 months to get the best rates.
Saving money for your home business is pretty easy when you start with a list like this and see just how much you can save a month. I additionally pay as many membership items as possible by the year when my tax return comes in for huge savings. Things like training memberships, website hosting cost, development tools, SEO and Social Media tools, etc... In many cases can save up to half off the monthly cost of these things and that for me amounted to like $1300 in savings this year alone.
I promised people in my last post and my weekly team updates at SFI that I would publish a list of money saving ideas that show how much money you didn't know you had laying around or being wasted. Many people think when starting a home business that they will be mega successful without an investment in themselves in part because of the number of Internet Scams that promise exactly that, and others realize it takes investment but they just don't think they have the money to do it.
Both are usually pressed for money and need to learn good money management skills to ever hope to better their life. These money saving tips for home business owners are sure to get you on the way saving the average American a few hundred dollars a month and a couple grand on the year. Some are more immediate and others pay off long term but there may be short term cost to get them working.
Regardless of the shape you are in financially you are sure to be able to apply at least 80% of this list to your own life no matter where in the world you are and no matter what income you have. We all have certain waste items in our lives we never even think of putting on the chopping block but doing so at this point you could explode the amount of these luxuries in your life in short order by turning your disposable income into collateral for investment.
Investment Capital is one thing a home business owner tends to try and put a limit or price tag on and limit but the wealthy affiliate will tell you should never have a limit. If asked how much initial investment is needed to reach success in the shortest time frame 8 in 10 millionaire affiliates will tell you every penny you can find on the ground as well as all your savings and your first 3 years revenues.
Think about that last part. Not only are you going to need every penny you can save elsewhere, and every penny you can find to add to it, but you should also invest the earnings in the business back into the business for at least 2-3 years. I advise not to stop reinvesting until you can maintain your current investment plus replace your current cost of living for the time to give up your current job and to continue increasing your monthly and annual investment by at least 10% each year after.
That's a lot of money we don't have today but if we ever expect to have it we must become like the people who have it when they earned it.
So let's start our list of money saving tips for home business owners.
1. Car Care – By ensuring proper tire inflation, proper fluid levels, on time oil changes and tire rotations, regular use of B-12 Chem Tool and Lucas Transmission Stabilizers and oil Treatments, and last but not least removing any un-needed weight such as dirt and grime, and objects left in the vehicle we can increase our gas mileage by up to 4 miles per gallon, that's 40 more miles of travel on 10 gallons of gas and it adds up fast if you work more than a mile from home. Don't forget ait and fuel filters, PCV valves on Fords and anything else your mechanic tells you zaps fuel when it's worn should be added to your preventative maintenance list.
2. Work less than a mile away try walking at least 3 days a week to stay in shape and save on gas.
3. Work more than a mile away try carpooling or take public transportation if it will save you money.
4. Air Conditioning Automobile only when it is a must is vital to fuel savings. When you A/C runs an added set of motors and pumps engages and puts load on your engine and your alternator must also work harder. This zaps horsepower and requires more energy in this case gasoline to mover the same speed and distance.
5. Breakfast and Lunch during the work week. For many in America, Canada, the UK, and Asia it is easy to be pressed for time and stop at McDonalds drive through for a McMuffin on the way to work, and grab lunch from the food truck or close by restaurant during your lunch break. I know when I was working outside the home 2 of my 3 meals 5 days a week were in the restaurant and deli at Wal-Mart. I ate up $12 a day of my paycheck a whopping $60 a week that I could have cut in half by eating at home before shift or from home on the way to work, and via lunch box or brown bag mid shift.
6. Dinner out. The average person globally eats out in restaurants 2-3 times per month at a whopping $35 per 2 person ticket. Same meals at home $under $8 per person to prepare. Savings on 2 meals a month $38 and 3 meals a month $57 just for dining in.
7. Cut out the bar and drink at home, even a small party cost less than the average night of paying 7-8 times the cost of the liquor buying shots and mixed drinks downtown.
8. Movie Nights, it's cheaper to wait for movies to get out of the theatre and onto PPV where instead of $10.50 per person plus $10 a person for a drink, a small popcorn, and some candy it cost you $9.99 for the PPV which you can Tivo to watch again, and under $4 for the popcorn, soda, and candy. Savings for a 4 person family using these figures is $56 per trip to the movies and the delay from initial showing to PPV is typically 2-4 weeks.
9. Shopping always use coupons from your Sunday Paper and go on Double and Triple Coupon Days and use your store's club cards for discounts and in many places free gas. I know going to the local Fry's here in Yuma I can earn gas while saving money, and keeping a majority of the money still in Yuma.
10. Did someone say patches? Your favorite blue jeans have a hole in them, you can cut a couple more and sew patches behind them and have those ripped jeans everyone else is paying $80 a pair for while extending your clothing dollar another 2 years.
11. DIY Expert. Watch videos on Youtube and learn to do most common home repairs and plumbing and you can save $500 or more a year on hiring professionals.
12. Renegotiate mortgages and car payments when the interest rates and terms are favorable and pay down the principal when you get your tax return.
13. Use an accountant to find out what portions of your purchases gas, and if you do work at home your office space you can deduct on your taxes. Even people who work a 9-5 job but are constantly having to bring work home to complete can claim work from home tax credits that even pay a portion of rent and utilities in the home.
14. Save electric by replacing bulbs with CFL or LED lights, these expensive things can save you $50 a month or more when combined with only turning on the lights you need.
15. Use yard lights? Many of these lights and even bug repellents now come in solar powered versions that charge by day and power your lifestyle after dark.
16. Save up to $75 a month by turning your thermostat up 2 degrees during the summer and down 2 degrees during the winter from your regular temperature setting. At first it may seem hot or cold to you but within a week your body will accustom to these new temperatures and you will start saving money. Only run that A/C or Heating unit when needed and you save even more.
17. Central Heating and Cooling units have filters inside the house that have to be changed every month to two months. If they are allowed to remain dirty your unit has to work harder and cost you more than that $9 for 3 3 to 6 month's of filters.
18. Save money by switching to an electric catalytic water heater from a tanked heater and an electric Stove and Dryer instead of gas and not only eliminate a gas bill and it's related taxes but be able to get your home Energy Start Rated which gives utility discounts and a nice annual tax credit as well.
19. Save water by upgrading to efficiency toilets and adding a small brick to their tanks to further decrease amount of water used.
20. Take dry showers. Water down and turn the water off, later and wash hair then turn water back on long enough to rinse good but not long enough to soak. This can cut your water bill in half.
21. Water lawns only in the evening and if you own your own home look into investing in an on site water reclamation unit so you reuse gray water from showers and hand washing to water plants and lawns. Reusing water that has been filtered by the system means you get twice the use from the same acre foot of water, and since you watered at night it takes less water than by day where you have to water extra due to evaporation. Best part is this is another green energy home improvement and federal tax credits may pay for it or enough that you get those savings for pennies on the dollar of paying the bill yourself.
22. Solar Panels. If you can install solar panels on your home you can potentially not just save on your electric bills but when you aren't home and the electric isn't being used the extra electricity can be sold to the power company to have them help pay your remaining electric bill. This is called grid sharing and it helps cut your price per KW power while taking load off systems that might cause cost to rise even more in the future.
23. Garden this, and catch your fish. The more things you can grow, kill, or catch the less mark up you will pay for these things in the grocery store. Peanut and Citrus trees make for nice landscaping, they also provide vital foods and snacks. Berry Bushes look awesome around the house and berries can make jellies, pies, and be frozen for later use or used immediately if you wish.
24. Pay More for Quality. Example, leather shoes and boots don't wear out as fast as cheap tennis shoes, and even those $100 hand sewn Nike's are better than glues Payless cheap shoes.
25. Stop smoking, drinking, and seek herbal solutions over high priced medications.
26. Compare Auto, and Home owner/Renters insurance policies every 3-6 months to get the best rates.
Saving money for your home business is pretty easy when you start with a list like this and see just how much you can save a month. I additionally pay as many membership items as possible by the year when my tax return comes in for huge savings. Things like training memberships, website hosting cost, development tools, SEO and Social Media tools, etc... In many cases can save up to half off the monthly cost of these things and that for me amounted to like $1300 in savings this year alone.
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