Are you on a mission to save as much cash as possible? There are countless ways to save money, but here are some methods that aren’t talked about very often.
1. File All Your Warranty Claims
How often do you file a warranty claim when you have the opportunity to pursue reimbursement? If you’re serious about saving money, then it’s a good idea to recover all of your warranty claims.
Every dollar adds up, and if you’re running a business, it’s even more important. For instance, companies that operate a vehicle fleet use software to track reimbursements for the purpose of saving more money.
One company using Cetaris was able to increase their warranty reimbursements by 782%. They went from receiving $1,150 per month to $9,000 per month in reimbursed warranty claims.
It doesn’t matter what the reimbursement amount is – every opportunity is worth pursuing because it will add up over time. For instance, even if you can only get $400 here and there, after 10 approved claims, you’ll have an extra $4,000.
When you’re trying to save money, warranty reimbursements are an excellent source of cash.
2. Kill Your Software Subscriptions
How many software subscriptions do you have? Do you use all of them? If you’re paying for something you don’t use, get rid of it, and you’ll start saving more money. Ever since software moved to the subscription model, people have been shelling out thousands of dollars for applications they don’t even use.
If you aren’t sure what subscriptions you have, check your bank statement to see what bills are on a monthly or yearly basis. Identify the applications you’re not using and then cancel those right away. If you do use some of them, see if you can find something that combines all those features into one application.
And last, ask yourself if you really need to use the remaining applications. Sometimes things are nice to have, but if they’re not making you money or providing any real value, cut them off and save that money instead.
3. Standardize Your Business Processes
If you run a business, start standardizing your processes as soon as possible. You’ll save money in so many ways once you do this. For example, when everyone does things the same way, you’ll have a less wasted product, and you can perfect the process to maximize productivity. When your team is productive, you’ll waste fewer payroll dollars on labor when employees aren’t getting much done.
Some of the most important processes to standardize include:
- Breaks and lunches. When you have a predictable system for giving breaks, workers are more likely to return on time, and that means they’ll get more work done. This is especially important for salaried employees who don’t clock in and out.
- Recipes and food prep. If you run a food business, have a standardized recipe and process for making every item on your menu. Your costs will be more predictable, and you won’t have excessive waste.
- Meetings. Sometimes, meetings pull people away from important work. Avoid calling random meetings. Instead, keep them scheduled on a regular cycle so they are known ahead of time. Your team will be more productive.
- Time off requests. When anyone is out for a period of time, you need enough advanced notice to plan for their absence, or you’ll lose money.
- Call-offs. It’s critical to have a system for people to call out for the day because then you can find coverage before too much time has been wasted.
Standardize any process that has the potential to increase productivity and decrease waste.
4. Stop Purchasing Things You Don’t Need
This might sound obvious, but it’s something many people forget to scrutinize. It’s possible that you’re spending money on things you don’t need. It might be little purchases here and there, or it could be larger things, like having an expensive car payment that isn’t necessary.
When your goal is to save money, the best thing you can do is get honest with yourself about your spending habits. Do you need everything you’re currently buying? Whether it’s entertainment, streaming media, internet, or rent, are you paying more than you need to get what you want? Even though it might seem normal to have a car payment, plenty of people buy used cars instead.
Take a good look at your monthly bills and see if there’s something significant that you can do without or replace with something cheaper.
Don’t Pressure Yourself Too Much
Don’t put too much pressure on yourself to save every penny. You don’t need to deprive yourself – just find a nice balance between spending and saving.
