7 Money Hacks to help during Covid-19 Lockdown
If the latest lockdown has your business facing cash flow pressure, every little tip on how to save and earn money comes in handy. We’ve compiled a list of tried and tested money-saving hacks to make your life (and lockdown) that much easier:
1. Get your head around what support is available
The NSW State and Federal governments have put together a raft of financial support options for businesses in NSW in response to the latest restrictions in Greater Sydney. Whether you think you can get it or not, don't be put off by the complexity of the criteria and application process. The support package is designed to keep businesses operating and people employed. Don't risk the future of your business by not investigating what is available or reaching out to your Accountant. We are getting on the front foot and contacting our clients to ensure they don't miss out.
You can read more about what is available for businesses here - https://www.service.nsw.gov.au/campaign/covid-19-help-businesses/grants-loans-and-financial-assistance
2. Review your loan payments
As a business owner, managing your loans and repayments is a vital responsibility. Make a habit to review your monthly loans and adjust your repayment accordingly. An extra $50 a month or simply rounding off your payments (eg: from $136 to $140-$150) can make a huge impact on your loan.
Pro tip: Pay fortnightly instead of monthly. If you keep at it and use this money hack, next thing you know, your interest charges have shrunken and the loan is easier to pay.
3. Check your subscriptions
There are so many enticing subscription programs available today. A subscription to Netflix here, a Spotify premium membership there, and a number of newspaper subscriptions to round off. Beware though, you may be quite surprised to see how quickly these add up each month.
A simple audit of all your paid subscriptions will help you to reevaluate your spending habits. Consider eliminating unnecessary subscriptions. Every dollar or two that you save can go a long, long way. That can very well be an extra dollar on rent money or a new business gadget that you’ve had your eye on.
4. Take a ‘No Spend Day’
Can you survive a day without spending? Sure you can! Get out your calendar and set a NO SPEND DAY alarm on your chosen days. It might only be once or twice a week but after a while, you will start to notice your wallet getting a little fatter. Furthermore, the NO SPEND exercise will help develop your discipline when it comes to money.
5. Track your spending habits
Take a moment and review your day: From a $6 coffee in the morning, $15-$20 lunch, $10 on magazines, and another $6 on your second cup of coffee, it is easy for your monthly budget to spiral out of control. Jot down every purchase and track your spending by journaling, a budget tracker app, or simply by keeping notes on your phone. This way you can easily review your spending at the end of each month, allowing you to improve your saving habits.
This is one word most people are afraid to do or even try. Our take on it: There’s no harm in trying. If you buy in bulk or are a loyal customer of a trusted supplier, you’ve earned your right to haggle or request for price negotiation, at the least. Getting supplies in bulk can adjust the price of a product compared to buying it retail. This simple way can save you a lot of money in the grand scheme of things.
7. Find your perfect “business” partner
A great accountant can be the best money hack, especially for small business owners. Finding the right accountant, someone you can talk to about business strategies, and who can provide you with financial advice tailored for your personal and business life is the best investment you can make.
Make sure your accountant can answer these questions.
Stay safe and if you need an Accountant that can guide you through the tough times, reach out to one of our experienced Business Advisors.