How I Saved Money So I Could Start My Own Business #howisave

How I Saved Money So I Could Start My Own Business #howisaveThis post is part of the TaxACT How I Save blog tour which teaches you ways to keep more money in your pocket. Last year, TaxACT saved America over $240 million on tax preparation. How much can you save? To learn more about tips and strategies on saving, click here.

I have been working for myself for a little bit now, and have been enjoying owning my business since. While life seems like it’s flowing together perfectly now, it didn’t always seem this way.

Just a few years ago, I felt extremely stuck at my full-time job. I often wondered if life would always be so boring yet so stressful at the same time. Then, I decided that I was going to change my life drastically by becoming my own boss.

However, I knew that would not happen over night.

I knew that if I wanted to leave my safe, secure, stable, and well-paying full-time job, that I would need to save a decent amount of money in order to make the transition smooth so that I would not go completely crazy.

I wanted to save extra money so that I could help prepare for any bad times in my new business, help cover expenses during the transition, and more.

Below are some of the things I did so that I could start my own business.

I built up my emergency fund.

The first thing related to savings that I did so that I could start my own business was that I built up my emergency fund.

My emergency was there so that I could be covered in case it took me longer to launch my business, to help cover any slow or bad business months, and to cover any maintenance or repairs that were needed, such as with my home or our cars.

I worked other jobs on the side.

To save money, I decided I would work towards increasing the amount of money I brought in each month so that I could save more money faster. This way, all of that extra income could be put directly towards my savings goal.

It was hard at time to work multiple jobs, but I just kept my goal on my mind and it helped give me motivation towards working crazy hours. I knew that working multiple jobs wasn’t going to be happening forever, so that also helped.

I lowered my monthly costs.

Another way I saved money for my business was by cutting my costs each month. I sat down with my budget and took a look at all of the ways I was wasting money. I also looked for things I could cut out of my budget that I knew I would not miss.

Turns out, there were many things in my monthly budget that I really did not need. It wasn’t that hard to cut things out, and it helped me reach my goal even quicker.

 

Well there you have it! The three ways above are how I saved money so that I could start my own business and feel safe/happy about my decision. I hope you enjoyed this post and that you check out the other articles going live in the #howisave blog tour so that you can learn about all the awesome and different ways to save money. Also, don’t forget to enter the giveaway below for your chance to win something.

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Comments

  1. Great post! Working a side hustle and lowering expenses makes it so much easier to start a new business and ease into it.

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