While credit cards can be a viable financial tool, they are also common contributors to rising levels of debt. If you want to start looking for ways to stop using credit and strengthen your financial position, rest assured that there are definitely other options out there. Here are 3 easy alternatives to using your credit card.
Between your debit card and having a cash allowance, there is really no need for you to use your credit card. With your budget under control, you can work on reducing the balance on your credit card until it has all been paid off. Once you are free of your credit card debt, it is your choice whether to keep the card on hand for emergencies, or if you would prefer to cut it up or have it cancelled. Always remember that anything you buy on credit is putting you in to debt, so take control of your finances and kick your credit addiction today!
If you're like most people, chances are, you funded your start-up company by getting a loan, either from a bank or from a close friend or family member. Therefore, you need to save all the money you can, so you can pay off your loan as soon as possible. Here are a few money saving tips you should consider as you run your start-up.
Also, most start-ups can survive without expensive and new furniture. Instead of dumping potentially thousands of dollars on new furniture for your start up, consider purchasing used furniture instead.
Go to used furniture stores, Craigslist, or even auctioneers who sell the assets of businesses. Just make sure you watch out for potential bedbugs, however. A bedbug infestation will probably eliminate any savings you make from buying used furniture instead of new furniture.
You will save money because there is difference between what your product actually costs and how much its worth, and the business you're bartering with will also save money. It's a win-win situation for everyone involved, and it can be the start of an excellent business relationship.
Saving money as a start-up doesn't have to be hard, especially if you follow the tips above. These tips will help you save money, which will in turn help you pay off your business loans and steer your start up in the direction for success.
Better Budgeting
Without a good budget, you will find it hard to stop using your credit card. Spend a couple of hours sitting down and assessing your finances, while making a comprehensive list of all of your income and expenses. Once you have this all organised, you can work on creating a budget that allocates your money where you need it the most. Give yourself a weekly spending allowance, set aside what you need for bills, and channel any extras into your savings account. If you have any outstanding purchases on your credit card, you should focus on clearing the balance as soon as possible.Debit Card Advantage
Most debit cards can be used for any payments made online or over the phone, making it a simple and safe solution to using credit. Your debit card is directly linked to your account, meaning that the money you spend is your own. Unlike credit cards which put you further into debt with every purchase, using debit means that you can never overspend. In conjunction with a good budget, you will be able to use your debit card instead of your credit card and enjoy the benefits of staying debt free.Sticking to a Cash Allowance
If you find that you are unable to resist the temptation of putting impulse purchases on your card, try leaving it at home and only carrying cash instead. By planning ahead and withdrawing money to cover your expected expenses, you remove the opportunity to give in to temptation and overspend on your credit card.Want More Advice?
If you’re looking for some expert advice on how to get the best out of your finances and eliminate your credit card debt, look no further than Fox Symes. As one of Australia’s most respected debt solutions specialists, they are committed to helping you to reduce your debts and have a clear financial strategy for a more secure future. Simply visit the website or call for an obligation free consultation to see how they can help you get on track and out of debt for good.Between your debit card and having a cash allowance, there is really no need for you to use your credit card. With your budget under control, you can work on reducing the balance on your credit card until it has all been paid off. Once you are free of your credit card debt, it is your choice whether to keep the card on hand for emergencies, or if you would prefer to cut it up or have it cancelled. Always remember that anything you buy on credit is putting you in to debt, so take control of your finances and kick your credit addiction today!
Used Equipment
Most companies need equipment of some kind to be able to function. Unfortunately, equipment tends to be very pricy to both purchase and maintain, especially if you opt for commercial equipment. One way you can save money as a start-up is by buying used equipment. Check out websites like Craigslist and eBay for used equipment in great condition.Also, most start-ups can survive without expensive and new furniture. Instead of dumping potentially thousands of dollars on new furniture for your start up, consider purchasing used furniture instead.
Go to used furniture stores, Craigslist, or even auctioneers who sell the assets of businesses. Just make sure you watch out for potential bedbugs, however. A bedbug infestation will probably eliminate any savings you make from buying used furniture instead of new furniture.
Don't Go Big on Location
While it isn't acceptable to have your location in your garage or kitchen for most types of start-ups, you shouldn't be spending extraordinary amounts of money on a fancy location. Choose the simplest location your start up can get by on, and only choose to upgrade when your business is earning money that warrants an upgrade. When you choose a retail location that costs you a lot of money, it puts pressure on you to create revenue at a speed that probably won't be possible for your start up at first. Servcorp Executive Suites are a great alternative for any start up to consider, providing all the services of a traditional office without the huge pay role or giant lease.Learn to Barter
Instead of paying money for everything your start up business needs, learn to barter your products and services instead. For example, if you're the owner of a start-up restaurant, you can trade your food with other businesses to get something you need in return, such as utensils or plates, bowls, and other dishes.You will save money because there is difference between what your product actually costs and how much its worth, and the business you're bartering with will also save money. It's a win-win situation for everyone involved, and it can be the start of an excellent business relationship.
Shop Around
For the things you have no choice but to spend money for, be frugal. Don't go for the first product or service that comes your way. Shop around before making your final decision, so you can get the best bang for your buck. This is smart business because money you don't spend can be reinvested into your business, promoting growth.Saving money as a start-up doesn't have to be hard, especially if you follow the tips above. These tips will help you save money, which will in turn help you pay off your business loans and steer your start up in the direction for success.
Managing business with personalized loans is a rising trend in India. Most of the banks offer customized loans for the business owners to suit their business development requirements.
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