Money, it’s something people never want to talk about, but as a solopreneur it’s a thought that always linger at the back of my mind. As a creative millennial, it’s the norm to find yourself in financial peril, not knowing how the next month is going to shake out. Most people in America live off of credit cards and find themselves in loads of debt. But what if there was a better way? What if there were ways to think in the long-term and find the beauty of crushing your financial goals left and right? Here are 5 Ways You Can Save Loads of Cash as a Solopreneur.
Keep reading for the full post after the jump!
5 Ways to Save Loads of Cash as a Solopreneur
1. Choose to save one paycheck a month.
Whether you’re saving for tax season or building up a bank account, make a conscious choice to live off a less. Don’t look at credit cards or other funds as a reservoir to dip into. Instead choose to live off of less and ask yourself where you can make deliberate choices. If you don’t have loads of restraint, build out a budget, or choose to use an envelope system with cash. (This is a great way to keep track of expenses if living with a spouse. I’ve been living off of one paycheck for the past two months and it’s been amazing to watch my expenses decrease and my bank account go back up!
2. Where can you cut out extra expenses?
The cups of coffee, days out with friends, and eating out can quickly cause your month bills to increase. With a quick bit of math, I once discovered that I was dropping hundred of dollars eating out and working from coffee shops. While the coffee shop habit is hard to curb, I’ve made a conscious effort to meal prep and invest wisely back into my business. I look at my coffee shop expenses as investments in productivity for days where working from home just won’t allow me to batch work in the way I might desire.
3. If you’re a goal getter, go ahead set long-term financial goals.
When you look at your finances think about the long-term, rather than the impulse buys that can fill your days. Instead of items that are disposable, invest in experiences and savings. We get it the items at Target are awesome and you love looking amazing; however, it’s time to think a bit bigger. The car that needs replacing and maintenance? The dentist appointment you’ve been putting off and the physical you haven’t had since college admissions. The house you’ve longed for and are saving for the down payment. It’s time to start saving big and crushing it. What if you simply saved? If you take the first way we mentioned to heart you can easily save a few thousand a month.
4. Add a side hustle.
Do you have marketable skills? Are you putting in the hours a week you need? Choose to take on a bit more work to create a bit more income. As you do this, think about ways to show up with your work and add to a portfolio of work. Maybe it means taking up a second job for a while or selling a product you already love.
5. Figure out ways to be generous without breaking the bank.
When it comes to hosting, gathering community, and enjoying life with others, figure out ways to live your best life without breaking the bank. I’ve chosen to exchange meals out with community to coffee dates and walks with friends. I’ve found the beauty of potluck dinners and grill outs where everyone brings their protein. I’ve foraged on walks and created the most stunning centerpieces. I take to Pinterest to find fresh looks and breathe new life into a wardrobe filled with basics. It comes in the fierce love and being in generous to others without writing a check. The acts of service that take more out of you than signing on a line ever would.
Bonus: Take a no money challenge.
Try it. Choose to live for 7 days without spending a dime. We’d done it in the past and have done a looser version within the past two months. With greater discipline, comes greater levels of freedom. Notice how your life will change, your gratitude will rise, and you will have a fresh awareness for the ways you spend your dollars. Read the full how-to, our journal, and ways to take the challenge here.
Looking for more inspiration regarding small business and finances? Check out the post below.
Getting Real: Going from Broke to 10K
What are ways you’ve decided to say? Any financial wins to share?
We’d love to hear from you. Let us know in the comments below!