Money Talk Matters

Posts Tagged ‘America Saves’

As a wife and entrepreneur as well as money and marriage advocate, I thought I should address saving money as an entrepreneur. Most business owners have experienced the ups and downs in business, the busy times and the slow times. Therefore, when you know that business is cyclical you have to be prepared and therefore saving money is crucial as a business owner.

Ways to look at saving money:

1) For the business owner regardless of start-up, been around a few years one of the first things that you should do is make sure you are marketing to the proper target. If you are marketing to the wrong target you are throwing money away. It is almost like the “shot gun” approach. Where you advertise to the masses and hope to hit a client or two. Whereas when you have done your research and market effectively to your target, your dollars are being spent wiser and should go longer.

2) Re-evaluate the different services that you are using for your business. Do you need cell phone, blackberry, pager, etc? I think we sometimes get off track because we become GADGET driven. Think about how much you could save if you only had what you needed not getting all the things that you want.

3) This one is huge. How many subscriptions to different memberships, e-courses and such do you belong to? How much are you spending per month on subscriptions? How much of it do you really use? I remember about three years ago, I cut every subscription off. I was spending almost $200 a month in subscriptions and the business was not paying for it. Take a look you might be surprised. As a personal finances person, we have to evaluate situations in our lives too.

Those are just a tip of the iceberg of ways to save as a business owner. Don’t take it lightly when you are an entrepreneur that you should not save because you should. That way when times are slow, you can fall back on money you have set aside and get really creative with marketing and institute a referral policy at that time.

Savings is not just for the individual, but also married couples, business owners, students and more.

This week we have been talking about saving money and it is only the beginning. There are people reading this that will say I want to save money but I have so much debt I don’t think I can. If I wanted to save, where would I start. I am soooo glad you asked that question.

Here are some quick ways that you can save money:

1) Not necessarily a new one but have you done it? Eliminate the latte’s in the morning or soft drinks at work. Put that money in an envelope every time you are about to go and purchase a soft drink or a latte. Make sure that you have either taken some bottled water with you in place of the soft drink, or purchased it at the local grocery store so that you are not spending that money in vending machines. As for the latte’s, make your own at home.

2) At the end of each day, empty out all the loose change in your pocket or purse into a jar and you will be surprised at how fast that money adds up. This is something that we have even done with our twins. They are on their second piggy bank. They are looking forward to the day when they can go and cash it in. No hurry just keep adding to it.

3) Re-evaluate every bill you have. What can you eliminate or reduce. Could you be paying less for a service or do you really need a service or is it more of a want? I have been of the mindset that if it is a service that you can turn back on such as cable, long-distance then you can do without them for a period of time. For example instead of long-distance service – use a calling card for a minute if necessary. 

4) One of my mom’s favorites is BROWN BAG your lunch. Alright that does mean you have to be creative with your lunches so that you do not get bored and fall into the trap of spending anywhere from $6 to $10 for lunch 5 days a week. On the low end if you work 5 or 6 days a week at $6 that is $30 to 36 and over 4 weeks that is $120 to $144.

5) Stick to your grocery list when going to the store. Don’t buy anything extra and do not go to the grocery store hungry! Hmmm, that will definitely get you in a lot of trouble.

Listen, I know to save money takes commitment and STRONG WILLPOWER. What will saving money mean to your life, your marriage and your family? What is the result? If you think about the result, it makes it all worth it.

Don’t forget to stop by www.AmericaSaves.org .

As in most things in life, you should have a goal. So when it comes to Saving Money, you should have a realistic goal for the year. You should be looking at your income, your expenses and what is the amount you would like to save by the end of the year. Sure it is the last full week end of February and March is right around the corner. You have 9 months left… what are you going to do?

Your goal could say for each month, I will save x amount of dollars and put it into this account. If you have not chosen a bank account yet that you want to put your money into.. do your research and see where you would get the best return. Whether it is a bank account, money market account or even a CD. Do your homework.

I remember many many years ago when I was teaching finances online to a specific group the different online accounts that we discussed were ING, FNBODirect and EmigrantDirect were the ones we talked about. Do your research and see what is the opening amount you need to have, how much has to be maintained and if there are any fees associated with the account. All of those factors make a difference. When it comes to money, you must pay attention. No pun intended.

Set your goal and go for it. I encourage you to go to www.AmericaSaves.org and see what resources they have available regarding goal setting as well. Until tomorrow…All it takes it a START!

What does it mean to save? Does it mean that you put money away one time a year? Do you put money into a bank once a month every month? Do you put away a certain percentage every time you get paid? What does saving mean and what does it mean to you?

Saving is not meaning in this aspect to rescue a person. Savings means funds put by as a reserve for whatever reason. Regardless of your financial situation, one of the goals you should have is to have a savings account with a certain amount of money in it.

What does saving mean to you? For me savings mean having that reserve for emergencies, having a fund that can sit there and not touch but grow repeatedly as I continue to put money in the account. I think one aspect of saving that would make it easy for people is to have an automatic deduction coming out of your checking account that goes into a savings account. Why? Because then you will not miss that money.

Let’s say for example, you had one bill that you had to pay off and then you would not have any other bills. Why not take the money you were paying on the bill and put it directly into your savings! Since you were used to taking that money and paying on a bill, why not turn around and pay yourself. Ahhhh! What a concept. Don’t take that money back into your wallet that you spend. Why not build up your savings even more by putting that money aside in addition to what you were already doing.

If you do an automatic deduction every time you get paid, then you have already made your decision. This can be different for each person because you have to look at various factors: employment – are you working for someone else or do you work for yourself; do you have a lot of bills and have not figured out what you can do without in order to save; or have you established a certain time within your financial plan for 2010  that you will begin saving? Whichever answer it is, all I want to say is BEGIN.

Go to America Saves and sign up. They are a resource that also acts as an accountability person that encourages you with various email messages. Begin your savings plan today!