“A penny saved is a penny earned.”
“It’s not what you make, it’s what you keep.”
These phrases are well known, but how many people actually take them to heart? While I am all about having nice things and investing hardcore in my business, just like everything in life – there’s a smart, and a not-so-smart, way to do it.
Is it a Want or a Need?
Let’s face it, sometimes you need to make tough decisions when it comes to your budget, whether it’s business, personal or a little of both. If you can’t afford something, and don’t need it, it’s time to cut it from your budget. Always look at ROI if you do have to spend money. Tip: If there’s some shiny thing you desire, set aside the funds for it first, then decide if you really want to buy it, or if you’d rather have the money in your bank account.
Everything’s Negotiable
We all need certain big-ticket items, like a car or a home, and aren’t afraid to negotiate on them to get a better deal. But just because something isn’t traditionally thought of as negotiable – such as smaller items in a store, doesn’t mean you shouldn’t try. Everything, and I mean everything, is negotiable under the right circumstances. You just need to figure out what the other party needs to get out of it. Tip: Certain times of the day or month impact whether a salesperson will cut you a deal – like buying a car at the end of the month or year, when they have goals to hit.
Get Creative
When you need to purchase something, think about what you really need. Sometimes there are ways you can get what you want in another way, whether it’s borrowing or renting something you need instead of buying it, or bartering for a service. If you can partner to help promote a person or company, that has value. If you can draw a crowd, that has value, too. You getting 100 affluent or influential people out to a location can be worth more than what you would pay to rent a space. Tip: When you are trying to save money or find another way to get something you need, think about what the other person needs in return, and don’t be afraid to make a deal.
When it comes to spending money, there are a lot of ways you can cut down costs and still enjoy the finer things in life. You just have to get creative and be fearless and smart when it comes to negotiation.