For young entrepreneurs and older boostrapping startups alike, frugal living tips can help you save more money for your business while also being kind to the environment. Do you remember your college days? Remember how ramen noodles were the staple of your diet and going to Wendy’s became a treat every once in a while.
Entrepreneur life can almost be equated to college life. The startup life you’re embarking on calls for sacrifices, especially financially. So then ask yourself, “What can I cut back on?” This question will be the hardest question for many people.
As you come to the realization that you cannot do a lot of the things that you were doing in the past. You may find out that cutting back and saving money is harder than expected. First thing that will change is your social life. The bar scene will always be there but your money may not, depending on how frugal you are. Forgoing some nights of drinking will not hurt you that much. Bars and beers get very expensive over time and you need that money for your business. You can’t afford to lose much because you may need emergency money for your business.
Things You Can Not Live Without
Even though you are tightening your belt and becoming more aware of what you spend, some stuff is not worth letting go. For example you must stay active, keeping a gym membership is a worthwhile expense, unless you are paying a lot of money, then maybe rethink the membership. But you will need a place to let out all of your frustrations and a way to stay healthy. Frustration is part of the uphill battle to success. The gym is a good place to let all your frustration go.
Of course you cannot let go of eating food. But shopping smart is a good way to save money. Buying the generic brand rather than the expensive name brand foods can help your bank account tremendously. I know it’s hard sometimes to pass by the name brands, but think about the future.
Also, cook more. Restaurants can get very pricey over time. Imagine how much money you are throwing away on extra value meals as your super size it for an extra thirty cents. Lots of money lost on something you can do at home.
The Silver Lining On Saving Money
After all the sacrifices, after seeing your business move closer and closer to the top, kick your feet up and buy an expensive bottle of Champagne. Your sacrifices have led you to understand the importance of saving a dollar. Now you have something that a lot of other people do not have: a lucrative business.