Here are some tips to help you get started:

Understand your Spending

Track where your money goes each month. Start by listing your essential expenses – rent, food, utilities – and look back at a few months’ worth of statements. Have you had any surprises in your spending? Don’t forget to check for subscriptions or recurring charges you might have forgotten about. 

Cut back without sacrificing

There are ways to reduce costs while maintaining quality. 

• Compare prices: Apps like Flipp or Checkout 51 allow you to search for digital flyers from retailers near you, and earn cashback on essentials like groceries. Take a look at what stores currently have sales, and use that to plan what you need to buy. Checkout 51 also allows you to earn cash back by snapping a photo of your receipt in the app.

• Pause before you make large purchases: Take a few days to consider if it’s truly necessary for your business or if you can find a more cost-effective solution. e.g. If you are creating videos for YouTube to market your business, can you keep using your phone to record instead of purchasing an expensive camera?

• Negotiate bills: Try negotiating lower prices on regular bill payments, even a small reduction can make a big difference. 

Leverage free resources 

• Libraries: Read some business books, use the internet for free and use your library card to take advantage of free day passes to several attractions in Toronto. Maybe a trip to the Art Gallery or Museum will spark your creativity when you feel stuck. Book your outing using the link tpl:map 

• Online tools to market your business: Canva, Adobe Spark, Unsplash (for free images), Hootsuite, and Animoto (to create videos). 

• Free Learning: edX, Coursera, and YouTube can be great resources for learning new skills. e.g. If you want to get better at public speaking, use YouTube to watch things like Ted Talks.
  • You can also use your library card to access free eLearning on topics such as LinkedIn, computer skills, language learning, etc. Click here to learn more

Network 

We’ve mentioned before how important it is to build relationships but here are some additional ways to collaborate with your network: 

• Trade services with other service-based businesses to help each other.

• Host or join a free event to share your knowledge, and also show that you care about what your customers care about. Let’s use the example of running a lawn care business:
  • Give a talk to those who are interested in environmentally friendly lawn care practices. You can go over tips for reducing pesticides, composting, etc.
  • Can you also partner with a local garden centre to get discounts on plants or gardening tools for people who attend the free event?

Reduce the pain of a budget

• Set realistic goals: If you are new to learning how to budget, you don’t want to overwhelm yourself and make too many changes at once. Small, achievable steps are easier to stick to, and you can make changes as you progress. 

• Track your progress: Regularly review your budget to see how your business is doing and make adjustments as needed.

• Reward yourself: Indulge on something small to benefit your business, like investing in a productivity tool. The key here is not to blow through all of your hard work, but to celebrate the fact that you stayed on track. 

Set Yourself up for better financial Habits

• Automate: Set up automatic bill payments to avoid late fees

• Build an emergency fund: Small amounts regularly can make a big difference. Consider opening a separate bank account where the money is not easily accessed. e.g. Tangerine Bank offers accounts with minimal fees.

• Ask Advice: Don’t be afraid to ask for help from financial experts or mentors.

Bonus: Attend the upcoming Money Management workshop with Debbie Horovitch and Northstar being hosted on Thursday, November 7th.