5 Steps to Save Money to Open Your Own Business

September 19, 2019

5 minutes

Nowadays, when you swipe through your Facebook feed, you will see many people starting their own businesses. Some open cafes, sell online products, or continue their passion with small businesses. As for us, we have all the ideas and plans. We know what we want to do and what we want to sell, but there is only one thing missing: investment money! This is an important factor in making a dream business shine. But no matter how much we save, it never lasts.

Today, we have some secret tips on how to save money to start own business.

1. No Buffet

It is a major problem. Delicious food but difficulty for the wallet. Various buffets that are pouring out promotions, packed with sponsors and advertisements make the heart melt. On the contrary, let's try to think if you stop eating or reduce eating buffets to only one meal a month, how much money will you have left to save? And if you can cook your own food or eat something simple but good for your health, the business you dream of is definitely not too far away.

MTL Tips: Let's do some calculations. If you normally eat buffet 3 times/month, the buffet price is 599 Baht per meal. If you stop eating buffets, you will have 1,797 Baht left per month.

2. No Shopping

If you are stressed from work and angry at people around you that you have to go shopping immediately, try to change your mindset from having to go shopping to relieve stress. You should try going to the temple to make merit, donate things, or sell the countless unused items. It will work very well and you will get money back. Try to think wisely, if you are stressed every day or every week, how much will you have to spend with the words "stressed and go shopping"? As for online shopping applications, delete them and your life will be much better. At first, it may seem difficult, your body will feel uneasy, and your mind will not be present. But when you see higher savings, you will definitely smile.

MTL Tips: If you reduce your monthly shopping from 2,000 Baht to only 1,000 Baht per month, you will save 12,000 Baht in 1 year.

3. Use Credit Cards Wisely

Do not let credit card use you, but use the credit card to do its job. First, if you have many credit cards, cancel them and keep as few as you think will give you the right amount of money to spend. Then use them wisely. Otherwise, you will become insane if you spend without thinking. And the business you dream of will eventually fade away.

MTL Tips: Points, cash back and other privileges from credit cards should not be overlooked because they will help you spend wisely. And most importantly, do not forget to pay in full every month. If you delay paying, your life will be difficult.

4. Farewell to Café Hopping

Say goodbye to visiting new, cool, chic cafes every week because there are so many cafes popping up that you cannot keep up. And the price of your favorite drinks, cake, or food is quite expensive because of the unique design of the shop's decoration. But that does not mean you should stop going to a cafe. Adding caffeine and sweets to your body is a good thing. Your life will be refreshed and you will be ready to get new ideas to expand your dream business.

MTL Tips: For each cafe hopping, you spend around 200 Baht. If you can cut back, you will have significantly more savings.

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5. Investment

When we reduce and quit our extravagant lifestyle and have more savings, it is recommended that you invest some of your savings. Nowadays, there are many ways to invest and make your money grow, whether it is buying funds, investing in stocks, making fixed deposits for interest, buying savings insurance, or unit-linked life insurance that help plan life insurance and investments. This is another option that will help you get closer to your dreams. It may take time and some may be risky, but it is worth investing in.

MTL Tips: Unit-linked life insurance is worthwhile in terms of coverage, additional benefits, and the special feature of being able to design your own investment, which is investing through mutual funds.

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