Good to Great: How to Scale With an Outsourced CFO

Thinking, let alone, planning for the future can be a tricky endeavour for most people. Understandably so, it does require a certain level of personal and financial involvement.

Contrary to popular belief, saving money for the future is far more achievable if you try to follow these steps:

1. Take a “Dear Diary” Approach

One of the easiest ways to save money is writing down your expenses. The reason you’re unsure where you can “trim the fat” so to speak is because you don’t honestly keep track of all your expenditures. So, whether it’s an actual diary/journal or an Excel spreadsheet, try documenting your spending, so you know where you’re “bleeding” and formulate a plan to stop it.

2. Restrain Yourself From Impulse Purchases

An area that hinders many people’s ability to save is their “knee-jerk” buying habits. The troubling thing is that in the long run, they come to the conclusion that they could’ve done without such an item.

The next time you’re about to make such an impulsive purchase, take a deep breath and ask yourself if the item is a “need” or a “want”. If you still have trouble with that, sleep on that purchase for another day or two. That way you’ll be able to reflect deeper, and refrain from the entire purchase altogether.

 

 

3. Make Your Food

As opposed to eating out every single day (for all your meals) try making and taking your food with you to work. This way, the $5 bagel/coffee combo or the $10 sushi lunch special goes right into your piggy bank.

4. Be Armed With a Shopping List

Never go grocery shopping without an actual plan. It is so easy to overspend or go way over your budget; we’ve all been there - you aimlessly walk past every aisle, picking up everything and anything that tickles your fancy.

Having a list prevents such impulsiveness and enables you to stick to your commitment.

5. Buy “No Name” Brands

Another cost saving measure is buying no-name or generic brand products, which are often cheaper and offer the same level of value as the popular brands. Try this for a month and notice how much money you’ll save.

6. Bundle Your Utilities

Reaching out to your service provider (TV, mobile, internet, etc.) and asking if they have any bundling deals can be another option to cutting costs and saving money in the long run.

7. Consider Online Shopping

One crucial benefit of shopping online (as opposed to your brick-and-mortar stores) is the cheaper costs. Because most virtual retailers have lower overhead costs, this, in turn, allows them to parlay those savings over to you - the consumer. Plus it’s easier to compare prices and ensure you’re getting a good deal.

8. Become a Coupon Champion

Most people turn their noses up at coupons, but they offer such a variety of bargains (which of course translates into savings). So, they next time you get coupons in the mail, don’t chuck them in the recycling bin.

9. Be Weary of Personal Overdraft Facilities

Many banks offer overdraft facilities as a way to entice and “reward” customers. However, you’re still spending money, probably more money than you have and that you don’t necessarily own.

The next time your bank offers you this service offer, respond with a courteous - but emphatic - no. You’ll be the better for it.

10. Do It Yourself

Adopting a DIY mindset is another cost-saving approach worth considering. With the amount of online resources at your disposal, you don’t have to pay a handyman to do things that you can do yourself.

Try these ten tips and you’ll be grateful that you did.

As a parting gift, here are some other stress-free ways you can save money for your retirement.