Startup Founders who are struggling financially

Starting a startup is not easy. It can be mentally and financially draining. I was once in that position so here are a couple of quick tips on how to save a few dollars:

  • Go over your bank accounts and look for reincurring subscription of services you do not use such as gym memberships, Netflix, etc.
  • Bank fees may not seem a lot but they slowly add up. See if your Bank offers any free accounts or having a minimum balance to waive the fees.
  • If you have maxed out credit cards that you cannot pay with high interest look for promotional credit cards with low interest. So if you’re paying 20% interest and can get a promotional rate for a year on a new credit card might as well transfer over your debt and save that interest.
  • Line of Credits are great as well as they usually have lower interest rates compared to Credit Cards.
  • Call your Internet and cell phone provider and negotiate a better phone plan. Most of the time if you tell them you are cancelling to go to another provider they’ll transfer you over to retention and offer you a cheaper and better plan.
  • If you need to buy something look for discount coupon codes, wait for sales, or see if you can get a used product for much cheaper on Kijiji. Please do note that time equals money so don’t be spending all day looking for a deal where you could of been spending that productive time else where.
  • Stock up on products that are on sale. If you usually buy some sort of product every month such as hair gel and its for sale why not stock up?