5 Ways to Keep More of the Money You Make

Are you a big spender on a small budget? While it is true that you have to spend money to make money, you have to be careful not to take this statement too far. Personally speaking, after checking my own expenses and observing the spending habits of others, I discovered 5 simple ways to spend less and keep more of the money you make.

[membership level=”0,3″] [/membership] [membership level=”1,2,4,5,6,7,8,9″] 1: CANCEL UNUSED SERVICES
Go through your list of expenses. Can you find a few services you are paying for and never use? At one point I discovered I was paying $99 per month for a web service I was no longer using, so I promptly cancelled. If I neglected to cancel that service, I could have potentially spent $1200 for the year on something I did not need.

2: AVOID BUYING IN ACCESS
Last year I spent close to $1000 on domain names. I didn’t do this all at once, but overtime I realized every time I had a ‘Good Idea’, I bought the domain name because it was only $10. But even pennies add up when you put them all together. If you can not apply your purchase to your current business within 30 days then avoid impulse spending. Hold off on the purchase, think about it, run it past a friend, go back to it after awhile and then see if the desire to buy is still there.

3: LOOK FOR CHEAPER SOLUTIONS
All cheap things aren’t good, but all expensive things aren’t good either. When it comes to the products and services you use, are you simply buying the first thing you see or making informed decisions? One of my web clients almost fell out of her seat when I told her I spent about $60 per year to host all my websites and she was spending $50 per month just to host one. Don’t take every price you hear at face value. Do your research and ask around, so you can get the best bang for your buck.

4: RECYCLE DOLLARS WHEN YOU CAN
I don’t mind spending $25 a month on email marketing, because I know in that month I will promote products and make thousands of dollars back in return. I didn’t mind spending $60 on one eBook, because I made it back in commissions from the first two people who purchased that book through me. Whenever possible, I think about my expenses in terms of how much money I can make back. In these cases I develop strategies to ensure my investment literally pays off in the end.

5: IF YOU CAN DIY THEN DIY
Big spenders don’t impress me and they shouldn’t impress you either. Some people may feel like an important business owner because they can hire employees and/or outsource tasks, but I know the most successful entrepreneurs master the art of spending less, so they can make more. Think about all the companies who downsized in the recession and realized they could maintain productivity with a smaller number of employees. If you have a solid budget to hire a team, do what works for you. But if you are on a tight budget and you know some things you can do yourself, just do it yourself. Instead of spending to make your business ‘look good’, do more in house to ensure your finances ‘look better’.

Click here to read more tips on how to Keep More of the Money You Make. Plus…

SANDWICH THESE PLEASE
In the May 2011 Issue of SistaSense Magazine I shared the article, “5 Ways To Double Your Online Profits”, without spending additional money. Following those 5 principles in combination with the 5 recommendations I have shared above, you can work towards spending less and making more in your business.

To download and/order SistaSense Magazine goto http://mag.sistasense.com[/membership]