Many mothers work from home and manage a business too. It’s a real juggling act that should be respected. To make it work, keeping costs down is essential across both their personal and business life. Here are 5 suggestions for managing expenses well despite the lack of limited free time to do so.
Cut Home Insurance Premiums
Home insurance is often not set up well. The provider may not be offering the best deal for the property and when renewing annually without considering the options, overpaying for coverage is likely. By using a company that can compare home insurance quotes from up to 50 insurers, it’s possible to find a much better deal. Quotezone.co.uk can find the right insurance policy, with an appropriate amount of coverage, at a competitive rate that likely will reduce this annual expense.
Look at Reducing TV and Internet Costs
Using the internet for personal and work tasks at home is quite common now. Sometimes, TV and broadband services are bundled together in the UK. This could be Sky, Virgin Media, BT, EE Broadband, etc. It depends on the deal and the specific package whether it’s a cost-saver or not. Look at these TV and broadband packages to get a clearer idea. Also, consider that some people prefer to subscribe to Netflix and/or Amazon Prime to gain access to some excellent TV and movies while reducing their broadband package to just the basics. Separating TV from a phone line and broadband service may save money too if you don’t watch mainstream TV that much.
Avoid Subscriptions for Business Services
Only being given a subscription pricing model is increasingly the case with business services. However, these aren’t necessarily in your best interest. Most people stop using these services quite early but fail to cancel the subscription for many months; they keep meaning to stop it but don’t act. Actively avoid signing up to business-related subscriptions (personal ones too) other than for essential services. Look for one-off or free alternatives to fill in the gaps to get what’s needed. Also, review existing subscriptions and cancel those no longer required.
Re-negotiate with Suppliers
Talk with each supplier to see what deals, discounts, and anything else is possible to reduce regular business expenses. Explore the ways they can offer to keep more cash in the business bank account.
Use Frugality
Understand that it’s likely that purchases were originally made without much focus on the individual cost or total expense. Nevertheless, when purchasing a new printer, for example, look at value for money and the brand previously selected. Is there a better option today that provides enough functionality while reducing the cost? Re-examine all types of purchases with the same lens. When this review is done on a per-item basis, it’s often possible to reduce future expenses by eliminating what’s no longer needed and reducing the cost of what remains.
While there is only so far you can take a process of streamlining personal and home business expenses, it’s still worth doing so. Performing this review on a bi-yearly basis avoids repeatedly purchasing items that are no longer needed (or on the second review, offer little value any longer).
