Whether you are a brand new start-up business owner or a business on the come up, everyone could always use some money saving strategies and tips. Today, I am launching a five part series, in which I will be sharing some great life hacks and advice to save money as a new business owner.
The focus of our first post today will be meal hacks. Meals fall under the category of basic everyday needs whether business or personal. However, in business, insufficient planning related to business lunch meetings and events could be costing you 100’s to 1,000’s of dollars in unnecessary spending each year. I have provided a few tips and tricks below to help you get the most out of your meal budget while saving a little money while you’re at it :).
Lunch Meetings vs. Coffee Meetings
If you are a person who is constantly engaging in business meetings with clients, associates and more, than it is quite feasible that these meetings can cost upwards of $40 to $100 or more each time they take place. This is fine if you are meeting with people occasionally, but if you are engaging in business lunch meetings on a regular basis, this can become quite costly, and eventually affect your bottom line.
If you are meeting daily or multiple times a day, you could be spending $1,000+ on these meetings monthly. To avoid excess spending, opt for alternative business meeting options. Great places that provide these options include places like Starbucks and similar chains.
To avoid the lunch time dent, opt for early morning meetings which can take place at a local pastry and breakfast place such as Dunkin Donuts. Even if you both opt to grab coffee and a donut, your expenses will be significantly less than the cost of a lunch time restaurant meeting.
Receipt Coupons ( Hidden Gems)
Being a small business owner, it is quite feasible that you are constantly on the run. As a matter of fact, it is likely that you opt for quick meals at the drive thru. Though convenient, it is likely that you are spending between $5 and $15 for lunch every day, which could amount in over $3,000 in excess spending at the end of the year. A hidden gem ( that’s not so hidden) is receipt coupons. After purchasing a meal, many people opt to throw their receipts in the trash not realizing that they are literally throwing money and discounts away. Many restaurants offer incentives on the back of restaraunt coupons for taking surveys. These surveys literally take 2 minutes or less and can offer significant discounts up to 50% or more as well as free items. Some receipts have instant coupons that can be used on your next store visit. Implementing the use of receipt coupons into your lunchtime routine could literally save you $1,000+ a year, so try it today!
Discount Sites ( Groupon, Living Social)
Other awesome lunchtime discounts include websites/apps like Groupon & Livingsocial. These websites provide breakfast/lunch/ and dinner discounts as high as 50%-60% off for mom & pop and major corporate chain restaurants.
This provides a great opportunity to try out new restaurants as well as cost effective lunch options.
Pack Your Lunch/ Grocery Apps- Favado
For day to day work week lunches, I have found that packing your lunch is the best option when available. The unit price for meals is better, and is able to save you money in the long run. One of my favorite grocery apps is Favado. I love this app because it gives you a list of the top grocery stores ( Albertson’s, Tom Thumb, Walmart, Target etc.) and the specials/ discounts they are running for the week. At the click of a button you are able to find the best price for the items you are looking for in your vicinity.
Hope these tips have inspired you. If they have, please use the share buttons to share with a friend, and stay tuned for Part 2 in our series tomorrow about how to save money when renting office space.
Later Smart Cookies!