5 Creative and New Ideas on How to Save Money for your Business

If you are like me and countless other people, you love your gadgets and you are always looking forward to getting the next one. I currently have my eye on few personal gadgets, but I also need a new laptop for my small business. Acquiring new IT equipment for a business can be expensive and may require a few innovative ideas for saving money within the company. Here are five ways I accumulate cash for acquiring my personal and business gadgets.

1. Start a Gadget Budget and Begin to Save Funds for Items like a Laptop

This is a great motivating first step in helping you focus and stay on task within your company when looking to purchase new IT gadgets and items. Once you have a budget and begin putting away money into an “IT Savings Account,” the process of buying those necessary technological items will become easier. By creating a budget and a savings account specifically for your IT gadget needs, you are able to monitor your progress and keep the funds dedicated for their designated business purpose.

2. Cut Down on the Little Things and Possibly IT Costs

One of the keys to a successful budget is to reroute small frivolous expenditures and funnel them into your business’s new IT savings account. By cutting back on unnecessary business costs, an example would be going digital instead of printing items (saves on paper and ink costs,) you will be surprised how quickly your digital funding dilemma will disappear. Also, a lot of businesses are changing to the cloud for their data processing. This is a great way to save on time, money and space. It has also proven to cut back on fees associated with updating and IT costs. If this is familiar to you and you are interested in learning more about how to save money and time in utilizing the cloud in your business, visit Dell-UK Site.

3. Have a Business Sale

You probably have lots of stuff sitting in your business that you no longer use or that may be outdated. Yet one persons junk is another person's treasure. Much of what you are no longer need for your business, another business owner may view as a cutting edge. Business sales also appeal to artists looking for old rolodexes, files and computers to create pieces of art with. By having a business sale, you will be able to de-clutter your office and earn more funding to go towards your IT savings account.

4. Tax Yourself

The truth is that most of us pay our fixed operating business expenses as soon as we can and then we spend at least some of what is left over on miscellaneous nonessentials within our businesses. A great way to discipline your business into a savings program is to simply tax the company. Determine what percentage of your gross or net income can be allocated to your technology fund before you spend the remainder of what your business may have earned.

5. Don't Cut Corners

Don't get impatient and settle for inferior technology or something less expensive than what you really need. I was thinking about getting an ultraportable notebook instead of a laptop with all of the bells and whistles I really needed because it was less expensive. Then I read a post on geeks.com that pointed out that "These laptops are great for travel and as a second laptop for the kids – but for any kind of serious computing, they are not really recommended." It can be tempting to get anxious and end up getting something less than what your really want that is less expensive.

By using these tips you will be smashing the piggybank and going down to the electronics store or finding yourself online purchasing your next business gadget in no time at all. Remember to enjoy the process of saving for your new gadget. Sometimes the anticipation is as much fun as actually purchasing it.

Author Bio

David Malmborg works with Dell. When he isn’t working he enjoys hiking, spending time with family and researching new technology. He is currently learning more about the virtual desktop and recommends visiting www.dell.co.uk for more information.

10 Things to Include in Your Budget Spreadsheet

this is a guest post from David Malmborg

Creating a spreadsheet is an easy and effective way to make a budget. It allows you to see exactly where your money is going each month. The ability to organize your finances enables you to live within your financial means at all times. However, you have to remember to include all your expenditures. What should you include in your budget spreadsheet?

Item #1- Housing Payment

You should make sure that your housing payment is included in any budget. This is because having a roof over your head is essential. Your rent or mortgage payment should not exceed 30 percent of your income.

Item #2- Costs Associated With Your Residence

The rent or mortgage payment is not the only thing you need to consider when figuring out your housing costs. You also have to budget for utilities, cable and Internet. While all of these costs can be lumped into one category, make it a point to itemize these costs individually on your computer.

Item #3- Emergency Fund

You never know when an emergency may strike. A job loss or disability can cause you to lose your ability to work. The medical bills associated with your illness or disability will pile up rather quickly. Building an emergency fund can help you weather the storm a little easier.

Item #4- General Savings Fund

You should also have money set aside for a general savings account. This money would be used to make a large purchase, plan a vacation or to start your retirement fund. Having a general savings account you can access will allow you to splurge every so often without jeopardizing your financial security.

Item #5- Gifts

There is a good chance that you will give someone a gift throughout the year. Birthdays are a common time to buy gifts for others. Christmas is a time where you will certainly spend money on gifts. Failing to budget for these festive times can come back to haunt you.

Item #6- Debt Payments

Don't let your credit card debt linger for any length of time. Plan to pay down your credit card debt in regular intervals each month. Doing so will allow you to reduce the amount of interest you pay on that debt. Make sure you have a plan to pay back your student loans or home equity loans. Don't risk losing everything due to failure to pay.

Item #7- Entertainment Expenses

Make sure you save money to go out with your friends after work. Designate a portion of your income for going out to movies, buying CD's and watching your favorite sports teams. Knowing how much you have to spend on concert tickets can help you plan your summer vacation.

Item #8- Clothes and Accessories

Your clothes aren't going to last forever. You may need to buy some new shirts from time to time. Your jeans could get a hole in them or wear out. Shoes, belts and other accessories may be needed to keep yourself looking good. Buying a new suit may be a necessity if you have a job interview coming up.

Item #9- Food

Don't forget to feed yourself on a regular basis. Food prices have risen steadily over the past few months. Having a budget and a shopping list each week is important. Try to create room in your food budget for eating out at restaurants.

Item #10- Transportation Expenses

Don't forget to account for your transportation expenses. This would include your car payment, insurance and gas. The cost of a bus pass could be what you put in this spot if you don't own or lease your own car.

 

Your spreadsheet should always include these 10 items. Accounting for these common expenses will give you a better idea of what your financial situation currently looks like. You can then make adjustments to your budget as your circumstances change. However, you won't be able to make an accurate budget unless you know what you are spending. In the author’s opinion the simplest way to track all this is using a computer spreadsheet rather than a paper one as it is much easier to correct errors, add up columns, and manage things in general. Also if you choose to use an online spreadsheet you can access your information from anywhere you can access your email!

Author Bio: David Malmborg works with Dell and loves writing about anything tech related. When he is not working he enjoys spending time with his family. If you want more information about Dell computers and laptops click here.