Be really stingy and eradicate unnecessary expenses

This is not about cutting back on non-core expenditure – it’s about not making unnecessary expenses at all. 

A non-core expense is something that is not necessary for the running of your business.  This includes things like tea and biscuits.  Stingy is good!  Keep those purse strings tightly closed.  Imagine that your life or even your family’s lives depend on it.  Say you spend $100 a week stocking the fridge with tea, milk, coffee, sugar and biscuits.  This is $5,200 a year that you could be saving. 

I once went around our office and asked everyone to donate the stationary they weren’t using.  I added up the cost of the stationary and to purchase this it would have cost us $750.  So all of this stationary like pens, paper clips, rubber bands, staplers etc. went into the cupboard, we saved the business $750 and we didn’t have to purchase any for another 3 months. 

Follow the 31 day Cash Flow Challenge here and on Facebook.

Related posts:

1. 31 Day Cash Flow Challenge Day #5 – Carefully budget payments for essential expenses
2. 31 Day Cash Flow Challenge Day #2 – Make sure the price is right and you are covering your costs
3. 31 Day Cash Flow Challenge Day #13 – Invest spare cash in a high interest account