Top Ways to Save Money in Your Business

Keeping your business running should be an art, perhaps even an art which you could teach to your children.

You might want to consider some money saving ideas in your business.

  1. Major Purchases
  • Purchasing office supplies such as a printer or a fax machine
  • Purchasing computer equipment
  • Buying furniture
  • Purchasing Special Research and Development (R&D) equipment
  • Buying a phone system and network
  • Constructing a new building or expand existing building
  1. Smaller Purchases

Include all regular purchases in your annual budget and set aside an amount for these items. A new computer system might require you to set aside $150 per month, for example. Set up a regular transfer so that the amount set aside for checks and other purposes will automatically transfer to the next budgeted item when that one is received.

  1. There is No Have and No Use

It can be embarrassing to admit that purchasing items counter to your budget can be a bad habit. So if you need to, resist the temptation to make additional purchases beyond your allotted amount for the budgeted item. Remember, your budget must always be a primary concern when making purchases. Only purchasing what is needed will minimize your impact on your budget.

  1. Pay in Full
  • When purchasing intangible goods, like software, it is always best to ask if there is a money back guarantee in place.
  • Shop for size and weight vs. quality. Having size and weight with a higher level of quality will tend to result in a lower price. Shop only by US specifications.
  • Don’t carry credit or debit cards. Use cash solely for clothing, full payments or services or everyday purchases.
  1. Zero Debt / High Interest Rates

Always try to have no debt whatsoever. Make a purchase without using a credit card and pay the entire amount in cash at the time of the purchase. Treat the use of a credit card as a ANCELLED cost. The use of the credit card is to be paid off immediately. There are no delayed charges, no finance fees, no over limit fees and no late fees. If there are any fees for late payments or over limit, they are taken off your current balance which reduces your need to transfer or borrow. As you pay off a credit card, apply that excess amount to the balance on your next credit card or line of credit. Do not use this line of credit for additional purchases. It aggravates the burden of debt much more. Create a positive sense of balance and budget that portion of your income toward eliminating debt. You will be surprised at how soon you will begin to see good success.

  1. Involve Your Creditors

Most companies run into financial problems from time to time and in some cases the financing may not be up to snuff or the debt just may not be there, or it may be there but not enough to pay the purchases or expenses. If you have customers that have good payment records and excellent credit with their company, consider discussing lowering the interest rate, or total debt, or even creating a longer term loan payment. They may be willing to help, especially if the economy continues to struggle, or if they see that their business will not sustain the higher debt or higher interest even if they are self-sufficient.

While you may not be able to dictate what those payments should be, you can certainly lower and increase them however you like. The payment that you send is a small portion of the overall debt and can make a great difference in the long-term debt and interest payments. . . if you want it to last throughout the month, and you trust your creditors to be caught up soon.

  1. Avoid Too Much Debt

At the beginning of my business life I owed many, many dollars in debt. I had credit cards, bills, lines of credit, etc. I was lured into it not caring how I was going to pay the debts off, or how long it would take or if it would ever get paid. I did not take the time to read over the papers and contracts to ensure that I was aware and knew what I was purchasing. I did not read over or understand all of the terms. I found myself in trouble. I had a good-sized debt and did not know how to pay it back or on what payment terms. The debts were far out of my reach largely due to lack of education about borrowing and the impact it could have on my credit score. If I wanted to build credit, I had to start paying down my debts and explaining the situation to creditors. I did not get a loan until I had my debt paid down. I wish I could report that I paid of my debt early…how come those debts never get discharged from a bankruptcy?

Here I am almost 30 years later, still paying on an old, past due debt that I cannot seem to pay off…

How to Invest in Crypto Currency and Bitcoin

Which way do you want to go? You might have heard that many people areInvesting in Bitcoin Currency and compares that to investing in fiat currencies (Margin Accounts, Stocks, Bonds, CD’s, etc).

Are you thinking that they are going to be changng 50-600% on their money?Well read the story and the facts people are investing in before you jump into their investment boat….

Drive this carThe last thing I want is to hear 2/3 of the glass hitting the concrete.

It took two vehicles enough to crush it. At least that is what I still think so.

There really is a race going on against the other participants which will end up either in a bicycle or a motor cycle in two years.The chances of me getting into the race is at least 1/3 to 2/3 chance in two years. Why don’t I invest in Bitcoin and try to ride on that tide?

How can I not think that means there is opportunity to invest in Bitcoin currency as the Bitcoin gain in its value versus fiat currency?

Bitcoin value risesSo, like there is a race going on to win the money, and each time it wins and pushes over the previous mark that increases its value, I can bet the next time it contests that it got more golds than it did the last time – The race to create more Bitcoins. Or at least that is how it looks in my mind. The publishable value of Bitcoin versus fiat currency keeps increasing.

The race has been on for a long time, but it appears to have come to a decisive conclusion based on the data (and my bet is on the data, as well as my own track record on whether or not any of the things I suggested is true, this is just a guess)

I am Spread Betting Bitcoin so of course, as a discussion on Bitcoin values I do not wish to predict any long term wins or losses.

But the thing is – I do not see how you can invest in Bitcoin currency without really understanding it, I mean, I do not want to buy something and think I can learn to invest, or invest, in it a week or two.

I am sure there will be some entrepreneurs who will be happy to show me how to invest in it, as they will have done it before me, and I will pay them a fee, or get a piece of the value or whatever that may be.

Or as an incentive, where if you invest a certain amount of value in it for say 10 years, or whatever duration they want to give me to start learning, by letting me pay you the fee.

Some entrepreneurs have specialized companies that take care of this.

Companies like mudballs, and even Namecheap themselves, and I mean they went out and bought Bitcoin.

vertical spreadsThere are little hedge funds and people making tens of thousands of dollars per day with what I would call avertical spread.

In investing in Bitcoin and other things like Etoro,ound something, I can not say I have incredible confidence in them, but at the same time I am always concerned, and I am a big Baby Boomer.

If you are investing in Bitcoin you are investing in futures of things on the internet.

So The thing is, The thing is, That you are really at the mercy of the market and how big it is. The people making the big money at the moment are the ones with the training and infrastructure and they know where to go and who to speak to.

vertical spreadsThese are where people can get in and out and say that 800 to 1 or 2 to 1 and nothing in between.

If you want to do well in investing in Bitcoin currency do not put all your eggs in one basket.