10 Ways to Save $250 (or More) Monthly That Most Business Owners Are Ignoring

10 Ways to Save $250 (or More) Monthly That Most Business Owners Are Ignoring

This post will list 10 easy ways you can start saving $250 per month right now. While not all of these tips will save you hundreds of dollars in one shot, combining two or three of them definitely will.

1. Ditch the landline.

If you have a single-line system for your business, your costs likely start around $50/month. If you have multiple lines, you're probably paying at least double that.

Scrap the landline and let your cell phones do double duty. Bonus: You can write off your business-associated phone costs, saving you even more money.

2. Share advertising costs with another business owner.

Cut your advertising costs in half by teaming up with the owner of a complementary business. This works especially well for co-sponsoring local or online events.

Another cost-saving option is to ask other business owners if they want to advertise via your website or social media. This can actually be a great bonus revenue stream!

3. Create your own forms rather than paying for them.

The vast majority of business forms you need (invoice, order forms, non-disclosure agreements, partnership contracts, etc. ) can be found online for free. Heck, it's what my company does and we don't charge anything.

Check out Entrepreneur's collection of free business forms before you contact your lawyer or accountant to have a form drawn up.

4. Buy second-hand equipment and furniture.

Why pay $500 for a new desk when you could get a gently-used one on Craigslist for $100? Same goes for printers, computers and other electronics.

Another great option is buying refurbished electronics from reputable electronics dealers.

5. Negotiate a cheaper credit card rate.

Paying credit card fees is one of the worst ways to spend your money. Look around to see what competing card companies are charging, and then try to negotiate a lower rate with your current card company.

6. Raise your insurance deductible.

Take a look at how many times you've made a claim over the past few years. If you seldom make claims, consider raising your deductible to save on monthly premiums. Even moving from a $250 deductible to $500 can make a decent dent in your monthly insurance costs.

7. Outsource rather than hiring.

While the hourly cost of outsourcing may end up being equivalent (or even slightly higher) to hiring someone, you'll save big in terms of pensions and benefits. Why not save that extra money, or use it to pay a highly-qualified consultant who could likely do a better job in less time? I've also found a full time programmer by first outsourcing.

8. Check the accuracy of your mailing list.

If you do large-scale mailings, you could be wasting a ton of money if your address list is outdated or inaccurate. The US Postal Services offers a number of free and low-cost services to check your list before you mail.

9. Always pay early to get the discount.

Take advantage of early payment discounts whenever possible. This can be particularly lucrative if a supplier is offering 2/10 net 30 (meaning 2 percent discount if paid within 10 days). This works out to an almost 37% return when annualized.

24. Go without the extras.

We all have little "extras" we spend money on every day (I'm thinking specialty coffees, in-app purchases, bottled water, etc.). Cutting out $5-$10 of daily unnecessary luxuries and impulse buys can save you $150-$300/month.