Does this sound familiar? It has always been your dream to be your own boss and run your own business, but the low digits in your bank account tell you that it is just a pipe dream. If you have done enough research and soul-searching to know that owning a franchise is the right move for you, don’t let a lack of funds keep you from fulfilling your dream. Here are some smart ways to start saving for your franchise.
Know Exactly How Much You Need to Save
Initial startup costs and financial requirements for franchises can vary from $10,000 to a couple of million so it is important know exactly what your goal is first. Even if your saving is slow-going at first, chipping away at your goal will help keep you positive throughout the process.
Switch to a Bank with a Better Incentives
Higher interest rates on your savings account, no ATM or overdraft fees are all small ways to save more money. It might not seem like a lot at first, but you will be surprised by how much money can be frittered away with bank fees.
Set aside a certain amount from each paycheck
Make sticking to a budget easier for yourself, by having a certain amount of money from each paycheck put right into your savings account. We all know how easy it is to let coffees and lunches and dinners out can fritter away our money before we have a chance to save anything. This way there are no excuses.
Check Your Accounts Daily
With credit/debit cards, it can be hard to keep track of how much you are actually spending. If you are swiping that card several times a day, it is having a big impact on your bottom line. By checking it daily, you can see if you are going over budget as well as make sure there aren’t any unexpected charges on there.
Use Cash As Much As Possible
While having a credit history is important, using cash for most of your daily purchases can go a long way to helping you save more money for your franchise. Each week, calculate how much spending money you have and take the cash out of the bank. You will not only save on ATM fees, you will not overspend because once the cash is gone you know you can’t spend anymore. Use envelopes to separate out food shopping money from gas money from I really need that cappuccino money.
Get Your Coupon On
Being a spaver can really help in your saving efforts. If the thought of tightening your budget strings has you worried, you can get a lot more bang for your buck by using coupons and looking for great deals on things you really need and even for the things you want. Check out coupon websites as well as the websites of your favorite stores to see what deals are available.
Pamper yourself for less
Haircuts and colorings as well as manicures are not cheap, but they help you look and feel your best. Instead of forgoing them for a while to save money, check out your local beauty school. Often times, you can get your hair or nails done either for free or at a discounted price if a student does it.
Turn those lights down
Utilities..Utilities..Utilities. Do you cringe when you get your water or electric bill? Just paying for utilities and mortgage or rent can pretty much eat up your paycheck so you need to find ways to lower the utilities portion of your monthly budget. Take shorter showers, turn off lights when you are not in the room. You will be surprised by what a difference it can make.
Go cold turkey on any expensive habits
Whether it is that Starbucks run every morning or cigarettes or a case of beer every week, identify those expensive habits that are sabotaging your efforts to save. If you can, go cold turkey, but some addictions are harder to beat than others so you might want to gradually wean yourself off instead. The great thing is that not only will your wallet thank you, but so will your body. Think how much healthier you will feel as well.
Exercise at home
Exercise is important to our health and well-being, but all those fitness classes and equipment can get pricy. Even if you love the social aspect of going outside the home, take a break for a while to save money. Go running when the weather is nice or do a fitness or yoga video in the house instead.
Only hit restaurants and bars with specials
We all need some time out hanging with friends and family, but if you are at the bar every weekend, it can start to eat away at your funds. Try to save going out for special occasions and choose places that offer drink and food specials. That way you have all the fun for a smaller price tag.
Go places with your library card
Speaking of getting away. During savings crunch time, expensive trips are probably not a good idea, but if you have a library card, you can still travel the world through books. Enjoy more nights curled up at home with a good book that cost you nothing. Just make sure you return the books on time otherwise you will have to deal with hefty late fees.
Put in some overtime
Besides cutting nonessential spending, working overtime or taking on extra jobs can also help you get closer to your dream. Tell yourself that it is only for a little while until you can start your dream job. The extra-long hours will be worth it in the end.
Review your financial portfolio
If you have a decent financial portfolio already, take a close look at all your current investments and see if there are any ways to make more money. If you don’t already have a financial advisor guiding you, make sure you find one. Maximizing your assets is paramount.
There’s an app for that
If you rely on technology for pretty much every other aspect in your life, then why not use an app to help you stick to a budget. There are a lot of financing-track apps to help. Ask your friends and family for suggestions.