A penny saved is a penny earned

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I know the quote is very overused and seems like an “old person quote” but when you really break it down and think about it, every penny saved could be vital to your business. One penny might not buy you a brand new desk, or a new car, but 10,000 pennies can do something if placed together. In this post for Tuesday’s Bootstrapping Tips, we’re going to cover why saving that loose change could benefit your business in a number of ways.

Think about this; you are at the store paying for something that is 1.06 and you pull out a dollar bill. Now, you can search for change in your pocket to give the exact 6 cents or you can use another dollar bill and get 94 cents back. If you choose the latter, you will notice that after doing this 5-6 times, you’re now holding onto around 5-6 dollars in extra cash. Toss this into a jar/cup/drawer/sock/whatever you can find, and you’ll see in a month or two that it will really add up. I saved change for the last 3 months that this blog was unoccupied and I had over $100.00 in spare change that I didn’t even notice was missing from my wallet. What did I use that change for? Good question………

When I cashed in my change, I had a little over 100 dollars to use. I had to make some decisions. I could blow the money on fast food and a pair of new shoes, or I could put the change to use. I wanted to make change to my businesses (pun? yes!) so I chose to put the change I saved to use. Here’s what I did with the $114.63 when I cashed it in.

Put the 63 cents back into the jar.
Bought 1 year of hosting from Dreamhost for $22.40 (TAKES97OFF coupon code)
Put the 60 cents back into the jar.
Bought $25.00 worth of links at text link ads to grab their $100.00 in free links
Added $37.00 to my namecheap account for the “spontaneous” domain purchases I have
Spent $28.83 on a pair of new panasonic headphones which I use a lot when working.
Put the remaining 17 cents back into the jar.

Now, I have 125.00 worth of text links I can buy for future projects, $37.00 for domains, 1 year of hosting paid for and a good pair of headphones for work hours when I listen to music to drown out the other sounds in my home. Also, if you notice, my jar is not currently empty either. From the spending I did, I ended up putting $1.40 back into the jar which I ended up buying a 2 liter of Mountain Dew with.

This is just one example of why saving that change could help your business out in the long run. There’s many other things you could use the money for if you just put your mind to work for a minute. How about the following as some ideas?

$40 tool set to repair almost anything in your home/office?
$100.00 for a nice corner computer desk with all the trimmings?
Upgrading to the larger Basecamp for project collaborations?
Grab the 70 sheet paper notebooks from Wal-Mart or other stores when on sale for $0.10
and so on…..

So, in closing I want to end with the over-used statement:

A Penny Saved Is A Penny Earned!