Smart Saving Will Get You Closer to Your Dream Business
You have an idea and now you need the money to get started. Startup businesses aren’t easy – it’s going to take long hours, full commitment, and a great plan to get your business off the ground.
Before you can even start, you have to pass the first hurdle. Find the money to get started.
You will have to raise money through funding or get a bank loan. You can also take a look at this small business loan checklist in case you’re interested in taking out a loan. Most importantly, you will have to save and put your own funds behind your dream. How do you even get started?
Getting rid of your debt should be your number one priority before you go into business for yourself.
You are about to take on a lot more.
Once you pay off your debt, you will suddenly be relieved from making constant payments and have more to set aside.
Use Cash Only
Make a budget and decide to go cash only. Take out the amount of money you’ve budgeted for yourself for the week. Once you run out, that’s it, that’s all.
It will be a strict lesson in financial responsibility that will help you save for your dreams and prepare for the reality of running a business.
Cut Back on Extra Expenses
Everything from going out for lunch to drinking at the bar to your Netflix subscription is a luxury you should consider living without. Make dinner at home instead of relying on takeout and prep lunch while you’re at it. If you feel like a drink to wind down, have it at home.
Don’t Buy a New Car
Spending your money on a new car is a great way to waste it.
Keep driving your current one and invest in the maintenance to make sure it runs well.
You can no longer afford the luxury of upgrading every 2-3 years.
How Should You Invest?
Money works best when it’s working for you. Rather than keeping all the money, you set aside in a savings account, investing can kickstart your savings by generating dividends or price appreciation. In a bank account, all it does is lose purchasing power.
The problem is that you need a long-term window to make the most of the equities.
Otherwise, you could be risking a lot.
When it comes to your retirement savings, a mutual fund is a great idea. You get plenty of time to grow and bounce back when markets take a dive. When you want to open your own business in the next year or two, you need your investments to be worth something and available on that timeline.
Make Wise Investments
One investment option is precious metals. Gold prices look poised to make big gains, and silver prices are predicted to follow. Underpinned by the fact that silver prices have been stubbornly undervalued for years.
Great if you’re a speculator, but more to the point as a short-term saver, silver right now has a very low downside.
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Before you buy, find the up to date price of silver and make sure you both get a good deal and you haven’t already missed the boat.
Saving to start a business takes business savvy. You’ll learn skills like cutting expenses, making smart investments, and figuring out financing.
All skills you will put to use once you’re in business for yourself.
Do you have any tips for smart saving to get you closer to your dream business?
Let me know, til then–cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela and partner and best friend to Darasak. Having worked as part of a health care team for almost a decade, Nancy is happy to be back to her passion. She is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.