How To Save to Start a Business In 1 Year, 3 Years, Or 5 Years

Starting a Business in a Year

  • Move back home with your parents. Yeah I went there. Sounds crazy but how much are you paying for rent? $40-$70k per month. Ok, fine you need your independence, then move in with a friend or family member to slash your rent.
  • Sell your car or non essential items in the house. Look through you closet for clothes, even textbooks, keep a yard sale and get rid of things you that you can convert to some cash.
  • Cut every non-essential expense, no matter how small you think it is, cut Netflix, Amazon Prime and buying new gadgets.
  • Downgrade essential services, switch to a lower cable package, internet package and lower mobile phone package
  • Earn more, how about getting a part-time job, or doing odd jobs; start a hustle on the side to make more cash.

Saving for starting a business in 3 Years

  • Cut the cable, start using streaming services such as Netflix.
  • Spend cash only, park the credit cards and stop paying interests and fees.
  • Buy in bulk, from wholesalers or visit PriceSmart. Also, buy from your local market instead of the supermarket.
  • Cook at home and take some for lunch. This might be more time consuming but the sacrifice will be worth it.
  • Use the water heater and air conditioning less, these items raise your electrical/light bill so a reduction in use could save you a good sum.
  • Cut back on eating out. No more Pastry Passions, Uncorked, Tutti Frutti, Café Blue (coffee is cheap when you make it it yourself). Buying sushi or that juicy gourmet burger from Jamaica Liquor Warehouse, TGI Friday’s or Fromage.
  • Drink at home, bars charge a premium for liquor, especially top shelf, if you must, buy your own and drink at home.

Starting a Business in 5 Years

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