Tips to Help You Save Up Enough Money to Start Your Own Business

OlufisayoMarch 19, 202001,381 views

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Like you, there are a number of people who have a dream of starting up their own business. Perhaps you have a talent that you want to share with the world, or maybe you like the idea of being your own boss and believe you can truly be successful.

Unfortunately, debt is a reality of life that can hold you back from accomplishing these goals. Being in debt makes it harder to save up enough money to fund your own business, so you may even be considering taking out a loan. While definitely a norm, you don’t necessarily have to, and it might make more sense to not add even more debt onto what you already have.

Instead, consider seeking the aid of Credit Canada Debt Solutions – a non-profit credit counselling agency that offers non-judgemental advice and options for debt relief. You’d be surprised to see that with just a little patience and fortitude, you can find yourself able to work your way out of debt, as well as save up enough money to fund your dream business.

Here are some tips your Credit Counsellor may suggest to help you along your way.

Establish a Monthly Budget

Budgeting is one of the most powerful tools you can use to help you save money, and it’s also useful to learn for when you do eventually have your own business up and running. There are free apps and online tools you can use to help you with this, but the basic idea is to carefully track your money and use it wisely.

Start by taking a look at the money that’s coming in (after taxes). Then determine where that money is going by separating it into columns like:

● Mortgage or Rent

● Utilities

● Groceries

● Savings and/or Investments

● Debt Repayment

● Entertainment

● Eating Out and/or Ordering In

● Other

Now it’s time to closely analyze your spending and separate the wants from the needs. Are you overspending on areas that are just wants (i.e. eating out)? Then, assign how much you can actually spend in each category a month, and also make sure you are setting aside money for savings and debt repayment. At the end, you may find that there is very little leftover for the wants, but the savings will be well worth it.

Adjust Your Lifestyle

Continuing from the above, it’s important that you make lifestyle adjustments in order to save money and prevent yourself from falling into more debt. For example:

● Cook all your meals

● Turn down the thermostat and wear a sweater instead

● Use less hot water

● Cancel subscriptions you don’t need (i.e. Netflix)

● Only spend money you actually have – consider going cash-only

● Go out less – find ways to have fun without spending money

● Shop only for the essentials and think carefully before making a purchase

On paper this all sounds easy, but these kinds of changes require a dramatic shift to how you live comfortably from month-to-month. But if you manage to stick to them, you’ll be able to save up money in no time and be that much closer to fulfilling your dream.

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