You guys, I recently decided to go on a Spending Fast. I've been reading through And Then We Saved (Previously: And Then She Saved) for over a year now and figured it is about time to jump in. I've incorporated The Spending Fast to both my personal and business wallets and I think it was such a wise decision! But why?
I am currently finishing up my last semester for my first degree and chose to be a self-employed indie-biz owner. With that said, my resources are limited. I no longer have the luxury of taking 300-mile road trips or buying new shoes just coz I don't feel great. I had to take a cold, hard look at my spending habits and eliminated a bunch of unnecessary purchases.
For example, because I am self-employed, I get a schedule that is pretty open to anything. I can be diligent and finish my classes, work on my Winter line, or I could just drive to Disneyland every single day. I totally would. Instead, I set up certain days to go with different people and asked if I could carpool with them.
That isn't so bad, right? I still get to go to Disneyland, just no longer out of whim.
I now only go to Target if I absolutely have to. I go in with a short, specific list. Once I have completed the list, I leave. Today I went in, grabbed baby powder and cough medicine, and dashed out.
I also did keep some other splurges.
I couldn't get rid of my Starbucks obsession, so I cut down on the number of days that I go, and decided to only buy drinks that qualify for free refills. I also make sure I get stars (points) for every drink purchase and only reward myself with that gigantic Chai Latte when I have earned my free drink.
I recently have been making so many changes to my business. Because of my steady growth and overwhelming chunk of orders, I started to hire help. Yes, help! I'll share more later. While I am so excited about this, I also had to re-adjust my budgeting and move around some funds to accommodate the changes.
I was not willing to increase my prices once again so I did my quarterly inventory more thoroughly this time, eliminated unnecessary costs, and offered my overstocked products up for wholesale. Why should I let those pretty pieces sit around and get dusty? With those adjustments, I was able to pay for domain hosts, get a new-old camera, and re-stock for the Fall season.
Don't forget to get connected on Facebook for those exclusive over-stock sales. ;)
I was inspired after reading Ten Ways That I Paid Off $30,000 of Credit Card Debt in Two Years by Kitten A Go-Go to not get myself into any debt at all. One tempting thing about having a business credit card is taking those big risks and buying unnecessary equipment or better tools. I have made a decision to only do upgrades when profit allows it. It inspires me to work harder on making a profit.
Speaking of, don't forget to scour the Cute Stuff Sale happening tonight, 8 p.m., EST. ;) You'll save on your new fall and winter accessories, and I get to buy a soldering machine. Win-win!