Welcome to the 10 day money saving challenge! Over the next 10 days, we will focus on one new way to save money. The savings will be recurring each month, so take the time to put in the work and you will continue to see you savings increase!
Be sure to track your savings in the printable tracker. If you don’t have the tracker yet, get it here.
I encourage you to open up a new bank account to put your saved money into. It is a wonderful feeling to watch it grow! Then at the end of the month, quarter, or year, you can do something specific with the money. Give you finances the best benefit from this challenge that you can!
If you haven’t read day 2, check it out here.
Day 3 is all about business expenses.
No matter what business you are in, there are likely to be some expenses that you will be able to lower.
I use Teachable to host my Personal Money Management course, so I emailed them and asked if they were willing to lower their monthly rate. Unfortunately they were not able to do anything for me.
I was a little disappointed, and after some serious thought, I decided that I did not need the premium membership I had with them. I decided to lower my subscription to the basic subscription. I lost some features, but nothing for my students changed.
Monthly savings: $39
I didn’t give up on lowering my business expenses after one failed attempt — let that be a lesson to you!
I moved on to a different expense, property management.
I have a rental property, and I currently pay our property manager $130 per month to manage it.
We have great tenants in the property and rarely have an issues. The most our property manager does on most months is to collect the rent and send us our statement. I used that to my benefit 🙂
I have a good relationship with my property manager, so I was confident in us coming to an agreement. I also knew that several other companies in the area were charging a lesser rate, so my inquiry about a lowered rate was justified.
Instead of asking her if she would manage the property for x amount per month, I wanted her to be in control so she felt satisfied with the number. I asked her if she would be willing to lower our monthly fee, and if so, what she felt was a good rate.
She got back to me almost right away and offered to lower it to $100/month. Since that is the number I had in my head, I was happy to accept. Now we both were satisfied with the number.
Total savings: $30/month
If I combine both my decision to lower my Teachable subscription and my property management savings each month, I would save $69/month on business related expenses.
Not bad for a day’s work!
The best part is that there are a lot more business expenses that I could try to get lowered! I might make it a goal to try to reduce one expense every month for 2016. (Boy do I love goals!)
What business expenses do you want to lower? Have you tried? What was the result? We would love to hear about it!
**Reinvesting in your business is ALWAYS a smart move. This post is not about cutting those expenses, just the reoccurring ones that are causing our expenses to be high unnecessarily. Now that you saved some money, you can reinvest it to grow your business. If you want to learn to take Pinterest and grow your blog, which in turn increases your pageviews and subscribers, check out the Pinterest for Bloggers course here.