When money is tight we need to go back to what we learned about money when we were kids. Remember when you had to save for something how delaying the gratification of getting it made it that much sweeter? Try these tips to have more money when business is slow or people can’t pay.
- Delay gratification.
- Slow down your spending.
- Make a wish list.
- Try to save.
A great way to slow your spending is to stop carrying cash or the business checkbook. If you make it a little harder to get your money, you might think twice before purchasing something. If you have to go back to the office and get a check you might decide you don’t really need that item anyway. Another trick is to only carry large bills. In a study that appeared in the March 2006 Journal of Consumer Research, they found that people were less inclined to spend if they had a $50 bill rather than a $5 bill.
Creating a wish list helps you to get the things you need, without overspending. I have a wish list in my office for Staples, Amazon and the printer. When I know I am going to need ink or pens, I add them to my wish list. When I really need ink or some other office supply, I look at my list, sometimes you can get free shipping if you spend $50 so I just order those items online, get free shipping and have it the next day. I avoid going into the store and seeing “other things” I just have to have.
Trying to save when your not making any sales or when your customers are not paying you is tough. When you have just enough to pay your bills sometimes you can’t save any money. Try to save by dumping all your change in a jar at the end of each day, you can pay bills early that offer an early pay discount, save that money, look for ways you can save and try to put that money away.
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