money saving strategies Archives

Everyone loves money when it is flowing to them and not so much when it is flowing away from them. Money is not something that most people grew up talking openly about yet money is something that needs to be talked about. If you are running a household, a business, or an organization, knowing your numbers is crucial in decision-making. To make good financial decisions, you need to know what money is going out and what is coming in. I am not a financial advisor nor am I guaranteeing you a profit. You are in charge of how you manage your money. I want to encourage you to pay attention to what your numbers are telling you. I have learned that I need to tighten my financial belt in different areas to achieve my goals. Money, sometimes, needs to be redirected to pressing priorities or to where it will have the greatest impact.

Know what your financial goals are. Whether you are growing your business to reach a certain revenue or profit, you want to have some idea of what that number is. If you are planning a family vacation, you do not need to slap it on the credit card. You can do some advanced planning and drop the headache of dealing with the bill after you come back. Enjoy the vacation, know your numbers and save for it. You can save to save but you must have some idea of a number you want to achieve to know when you have reached it – it will be most satisfying! Write down the goal. Ink it so you can think it!

Know where your money is flowing. Keep track of where your money is coming in from and where it is going out to. Measure daily if you can, otherwise, weekly and monthly. You may catch overcharges and maybe even some undercharges. Are you investing your money in the right places? Could you be redirecting it to other places? Where is money being wasted? Are you buying too many gifts, grabbing too many lattes, or investing in marketing without a return on investment? Track your income and expenses. Are you waiting for money from anyone or are they waiting on you?

Know what you are willing to sacrifice, modify, or put on hold until you reach your goal. Are you organizing your errands? Are you buying things with an intention or randomly because it feels good? Can you limit the lattes or lunches? Where can you cut back on groceries (put buying steak on hold for a few weeks)? Instead of eating out, can you host a potluck or dine in? Are you willing to get part-time work if needed? What are you willing to do to make your goal become a reality?

Know what is working, what is not working, and what you can improve on. Evaluate what is working – keep doing more of it! What is not working? Stop it! What can you do improve on…do it!

Start loving your numbers…they might seem scary to look at in the beginning but when you start seeing the numbers climb and the debts decrease you will be in love. You will be able to reach some of those goals you have been thinking about, “Someday I will _________”. Instead of thinking about it, you will be able to say, “Today I will ________”. Wouldn’t that feel great? Your numbers are the pulse of your household, business, and organization. Do a pulse check and see where you are? Don’t wait until tax time to know your numbers. Your numbers also drive action. What needs to be done to make you love your numbers?

DEBRA KASOWSKI, BScN CEC is an award-winning best-selling author, transformational speaker, blogger, and Certified Executive Coach. She has a heart of a teacher and is certified in Appreciative Inquiry and Emotional Intelligence. She is a contributing writer for Diversity and Fabulous at 50 magazines. Debra Kasowski International helps executives, entrepreneurs, and organizations boost their productivity, performance, and profits. It all starts with people and passion. www.debrakasowski.com

I want to dedicate this post to all the women entrepreneurs I have met and coached over the years and my past self. Oh how much I have grown! As entrepreneurs, we know that the flow of money can ebb and flow; this is why it is so important to know your numbers in business. You may not like numbers and yes you can outsource to a bookkeeper but you need to know enough about your numbers so others are not taking advantage of you. Do not give the power of monetary decisions without knowing about your return on investment and the risks involved. This deferred action can mean financial suicide. You are a strong independent woman – be in the know- think like a business owner. Whether we are talking personal or business numbers, the same principles apply.

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Too many women are saying but I have no money…but you see them shopping regularly, going to get their nails done regularly, and even going to the spa regularly. I am not saying that doing these things are not fun and rewarding. I just do not want to hear how hard up you are for cash when there are things you can be doing to get what you say you want. Yes, I know not all women are doing these things but if you track your finances and pay attention to where the money is going you can identify the “leaks” – in other words, where frivolous spending may be occurring.

During a recent trip, I read an article in the Financial Post – Personal Finance section, The Small Things are Sinking our Budgets. The writer wrote about a 25 year old real estate agent and her room mate who frequent a high end frozen yogurt shop 3-4 times a week costing them up to $4160 per year. Shocking I know! A little treat here and a little treat there -all add up!

Just think of all the things you could do with all the extra money – take a vacation, invest in real estate, hire a coach, pay off your mortgage or student loan, or save up for your child`s university or college fund.

Here are 9 money saving strategies:

Make & Take Your Lunch. Some women will try and justify this with I work so hard at work and home I should be able to treat myself. I know you work hard but this alternative is easier on the pocketbook and healthier for you. Plus, you know what you are eating. Personal trainers and other health and wellness experts share the same philosophy of packing a cooler especially if you are running errands. If you find taking a lunch daunting, start gradually by decreasing the amount you are eating out to 2 times per week. Track your money and weigh scale. Take leftovers. Better yet, put food in a crockpot – seriously, a mom`s best friend.
Cut out or cut down on the daily lattes or teas. Have you ever looked at the extra number of calories in a double double. Drink water; it is better for you!
Avoid buying in bulk. You may think you are saving money but there are times that by the time you actually use all you have purchased that it has spoiled or gone stale and then you are just throwing it out.
Cut out on convenience foods. Think about the price you pay for a bag of salad versus a head of lettuce. Big cost difference.
Avoid going out for drinks regularly. Drinks often cost anywhere from $8-12 per glass. Have a glass of wine at home before going out and ensure you have a designated driver. Do not drink and drive.
Take out books, movies, and magazines from your local library. Many women have multiple magazine subscriptions or buy books and movies but never get a chance to read them. Donate them or sell them if you do not plan to read them.
Shop intentionally for what you need and want.
Consign household items, jewelry, and clothing that no longer fits or you no longer want. What you do not want, can be another person`s treasure.
Declutter your space. Sell off items that no longer have value to you.

Start putting your money into creating a life you love. Your money is a tool that needs to be used wisely so you can be, do, and have what you want and need. Let the SMALL money strategies lead you to the BIG things you want in your life.

What is one strategy that you have used to gain more control over your money Comment below.

Start Loving Your Numbers or Break the Bank…You Choose

9 Surefire Money Saving Strategies to Create a Life You Love