Every so often you probably come up with a great idea and think of how you could turn it into a profitable business. While you may not have anything figured out right now, there could be a day in the future when you start your own company. And when that time comes, you don’t want to go from place to place gathering money for your startup! So if you’re even the least bit interested in helming a business, get working to amass the startup funds this very instant.
As a single mom living on a strict budget, you might think this is easier said than done. However, putting aside a little bit each day isn’t impossible! Just check out these great tips on saving money even if you live frugally.
Never buy anything without shopping around for the best price. Compare prices online or make notes when you visit stores. Make a list of what items you need to buy and purchase them from where they are available for less.
Even for Credit Cards
Shop around even when buying credit cards. If you already have a credit card, compare the benefits with other companies. Look for a card that gives you more payback and rewards at a lower fee. That being said, be sure to buy a credit card that gives you rewards you can use; if you don’t fly a lot, buying a credit card that gives you travel rewards won’t make any sense.
Credit cards can be life-saving in emergencies, but fees and interest charges can prove to be costly. So exercise restraint and use credit cards wisely.
Swipe your credit card only for things you can pay for, and be sure to pay off the bill before the due date. Paying off the bill in full is advisable, but if you can’t do it, try to pay a bit more than the minimum to save whatever little you can on interest.
Buy in Bulk
Buy items that you use a lot in bulk; this way, you’re sure to get some great deals on bulk packs. You’ll also be able to save money by not making endless trips to the store! Look for bundled goods too, but only buy them if the items in the bundle are of use to you.
Avoid buying perishable items like meats, fruits, and vegetables in wholesale. If you must, cook them in bulk and store them in the freezer. Fruits and vegetables can be frozen as is or preserved by canning or other methods to keep them for long.
Clip coupons that come in the mail and in newspapers. Keep them organized and use them effectively to avail deals and discounts. Do subscribe to newsletters and keep an eye on store websites for special discounts. Getting freebies is also a great way to save some money!
Generic items are not only cheap, sometimes they can be just as good as the big-name brands. Go generic for items like pulses, grains, canned foods, clothes, etc. For items where quality matters – like diapers – buy a good brand for nighttime and use generic during the day.
Extend this rule to cosmetics and buy your makeup at the drugstore. Research duplicates online before you buy generic and you’ll look a million bucks for a lot less!
In addition to this, ask your physician to prescribe generic drugs or ask your pharmacist to replace your medications with store-brand ones. Generic drugs have the same ingredients as brand ones and work just the same, keeping your health in check at a phenomenally lower price.
If you have more kids, you can save money spent on new clothes by recycling old ones. Put aside your eldest child’s clothes that are in really good condition until younger ones are old enough to fit into them. Consider if clothes that have a little wear can be revived with some DIY.
If you have toddlers, you’ll be surprised to see how much you spend on diapers. Bring down costs by using reusable diapers and nappies.
Toss vegetable peels, eggshells, and food scraps in a compost bin and you’ll have rich fertilizer for your garden. Speaking of gardening, use empty containers to grow seedlings in.
Instead of packing lunch for yourself and kids in plastic bags, invest in reusable containers. Use reusable water bottles too!
Look for Cheap Entertainment
This doesn’t mean you stay in and watch TV; there are lots of ways to enjoy without burning your savings!
- Look into your coupon stash and see if you have any discounts on theme park entry tickets. Compare prices of booking online versus booking at the counter.
- Go to free-for-all parks, museums, and attractions. Do ask your kids where they’d like to go first! Pack lunch so you don’t have to spend a lot on food.
- Borrow or swap children’s books and toys. See if you can find a club or community in your area or start one yourself!
- Try to minimize eating out and fix days to avail this luxury. When you do eat out, eat a light snack so you’re not too hungry to order everything on the menu. Have kids share meals from the adult menu rather than order kids’ meals- they’ll get to eat good stuff plus you’ll have a lighter bill to pay!
Saving money can seem to be impossible when you’re barely getting by. But with the tips given here, you now know what you need to do to save a little each day.
So get started on implementing these tips and you’re sure to have enough to fund your startup when the time is right!