If you feel like your wallet is getting lighter and lighter, you aren’t imagining it; during your recent visit to a grocery store, you probably saw many faces staring at their shopping cart, then to the bill, wondering why they are going home with a half full cart while they spent the same amount, same shopping list a year ago. Same seen at the petrol station; how about your utility bill, etc....don’t even go to folks with variable mortgage rate. The inflation is just dragging us deeper and deeper while eroding our purchasing power and erasing our savings.
So, what do we do next?
It may sound trivial to some people but humans are resilient and one tool at our disposal right now is being “RESOURCEFUL”.
It is time to review your spending habits and implement some cuts and learn new skills, not necessarily to go and earn extra cash, but Do It Yourself (DIY).
We are familiar with DIY in home maintenance, gardening, lawn mowing, etc.
How about Financial Literacy for every small business owner?
On paper, it sounds hard but anybody can do it. How? A small business or a startup for God’s sake, hardly make 5 transactions a day:
- Drive thru;
- Stop at gas station;
- Supplies (materials);
- A couple of invoices;
- Travel.
The rest of the transactions happens once a month on a specific date:
- Insurance;
- Telephone bill;
- Subscriptions;
- Credit card payment;
- Office expenses;
- Computer related expenses.
5 Daily minutes could save you up to 70% of your bookkeeping costs! I will let you calculate how many full tanks you would get from that savings alone. DIY can be extended to simple financial tasks.
Let’s be Resourceful and fight Inflation.
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