When we started our business, the biggest obstacle was coming up with the startup money. We found a few easy ways to save the needed money without digging into our household money. These small changes made a big financial opportunity for us and may help you with saving too.
This day in age everyone seems to have a cell phone and the monthly expenses that come with the service. While we could not up and cancel our service, we did find a cheaper option. We originally had a four-person family plan through Verizon Wireless costing a staggering $218.00 a month. We were able to take our phones and transfer them to Total Wireless for $86.00 a month. Saving $132.00 a month.
We then made the decision to cancel our Dish Network Service and use an old-style Antenna instead. We saved $168.00 a month removing this service! We do also have Apple Tv which is free to use we simply pay $4.99 a month for Hulu.
This was a bit harder for me because I like have a landline but we canceled this service too. This saved us another $64.00 a month. Wow, the savings really started to add up. At this point, we were saving $360.00 a month!
My husband went from purchasing lunch at work 3-5 times a week to no more than once a week. Roughly saving $100 to $150 a month, wow! He now packs his lunch with leftovers most days. Some weeks he follows this better than others.
Saving on the small stuff
We started turning off lights when we’re not in the room, running the dishwasher and laundry at night, and changing out old light bulbs for high-efficiency ones as they died. We also unplugged any mercury lights and other power suckers. We also sold our hot tub which costed a small fortune to run plus the cost of chemicals. The monthly savings for all these items is roughly $150 a month.
The savings all added up totaling about $650 a month. With this monthly income, we began busying the supplies and equipment we needed to get started. We also managed to save a lot of the money back to a savings account. We did this for just under two years before we started the business. Total two-year savings? $15,600! Throughout this time, we also saved money by switching car insurance companies, internet providers, and electric suppliers. Add all those savings in and we saved well over the $15,600. How many loans did we take out on the business? NONE! Now that savings is going right back into the household because the business after one year is carrying itself.
And now that we don’t need the savings for the business? We did get our home phone back but as a business line, the rest of the changes have stayed. The extra money is now placed into savings or used to upgrade things around the farm as needed.