Bootstrap your life by living frugally

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To begin this article I think I should talk a bit about Frugal Living and how you can live frugally. Most of the time when people hear the word Frugal, they think about the 1960’s mom in the kitchen making 1 pound of lunch meat stretch for 100 sandwiches or Mr. Scrooge who didn’t want to do anything for the holidays and so on.

Basically, living frugally is basically being in control of your money and truly living frugally should be one of the first BIG steps in bootstrapping your business. In this article I want to show you some ways you can live frugally and how that will benefit your businesses and your life in general.

Living frugally will be a huge benefit to bootstrapping your business because essentially, when you bootstrap your company, you are looking for the best ways to stretch your dollars. When living frugally in your normal life that will in turn help you to cross it over into your business.

One benefit of frugal living in your personal life is that the extra money saved in your every-day life can transfer over into extra funds for your business. If you are someone who will go out to eat 3-4 times per week at a fast food restaurant and spend 10.00 per meal, then statistically you will be saving around $150.00 per month on average which would go great for some new office supplies or some business cards or promotional material. Now, if you don’t go out to eat but you order starbucks coffee on a daily basis going to and from work, that’s $10.00 per day and around $300.00 per month. When you really think about the small things that you normally wouldn’t look at as big expenses they add up quickly.

Frugal living in the business sense can benefit you by not overdoing your offices and the equipment that you have when the main reasoning behind it is to impress clients. Now, I do not mean for you to remove all of your expensive furniture and office equipment, computers and so on if your job absolutely needs it, but in most cases you can do the same designs or the same content writing with a 200-300 desktop computer compared to the brand new 1,000-2,000 dollar computer. When you break down the 4,000 dollar desk you purchased from some high end designer and replace it with a 200 dollar desk you grab from wal-mart or another department store, you free up a lot of extra expenses. I’ve even seen people go as far as building their own desks with old doors and metal piping. Anything is possible when you are living frugally and the possibilities are limitless with how far you want to take it.

How many of you have a suit or dress in you closet right now that cost above 300 dollars? Now, how many of you have a casual outfit with the shoes and hat to match that costs 200-300 dollars? Yeah, I have the shirt, jeans, hat and shoes that match. I have a few outfits like this and each of them cost about 300-400 dollars with the shoes being the most expensive. Why should we all have 10-20 outfits each costing 200-300 dollars? Thats 2,000-3,000 dollars worth of clothing that you could have put towards other things. I’m learning now that getting 3-4 outfits for each pair of shoes will cut down on my costs in a HUGE way. I also realize that by spending less on clothing that is only in my closet to impress potential clients or people out in the world that I probably will never talk to in my life, that I can spend a lot more on my business expenses. Clothing can be a HUGE expense that you can cut down and generate a more frugal living, so give it a try when you look in your closet the next time.

Living frugally is a huge aspect of bootstrapping your business and cutting corners is something we’re all accustomed to. When you are looking for some new ways to bootstrap your business, why not look at your lifestyle and see if you can live more frugal. It’ll make a world of difference in the way you see things down the line and with the amount of extra cash you have to build your businesses.