Trim The Fat Off Your Overweight Business!
Every now and then I stop to take a look into where I can drop some services for some extra money to try something different.
Today, I was able to save $1327.88 a year!
My first call was to drop the Showtime movies from My Direct TV bill. I only had added it so I could watch one show. How silly was that? It ended a month ago. That cost $12.99 @ month and $155.88 @ year!
Next was the pet insurance I had for my dog. It was good to have it when she was young and almost died twice.
It was a tough time and money was not as plentiful as I built my real estate empire. As I looked at this one, I realize that now I could afford any health crisis for her and the $36.75 added up to $441 @ year! We never spend anything like that at the vet. So that was dropped.
Next I called Sprint to drop the 3G air card service. It's about $61.00 @ month. Savings would be $732 @ year.I have a network DSL at the home office now with 3 computers. My next plan will be to get an iPad. So... I won't need the Sprint service.
My cell phone is with T-Mobile so I checked in with them to see when my plan was up. Looks like I will be a free agent on Oct. 22. I'm thinking of switching to AT&T for an iPhone.
It's been a big day of changes. I love change! Change be your friend!
Finding a new home in the Bluegrass has never been so easy!
Just click on one of the links below.
Lexington KY Residential Homes For Sale
Lexington KY Multi-Family Units For Sale
Lexington KY Condos and Townhomes For Sale
Lizette Fitzpatrick- Principal Broker at Lizette Realty.
Publisher/Author for the only Central Kentucky email newsletter on local real estate listings and sold properties, Kentucky relocation, local events, homeowner information and fun! For more information on Kentucky Horse Farms, Lizette Realty, Madison County, Fayette County, Richmond or Lexington KY real estate click on Lizette.us.
Copyright © 2010 by Lizette Fitzpatrick, All Rights Reserved
*Trim The Fat Off Your Overweight Business!*
Hi Lizette, good job! I feel like I have been doing the same thing for the last two years now!
Good work Lizette. Our government could take some lessons from you. :)
These are some healthy savings and will get people thinking about more ways they may save money, good ideas Lizette!
Lizette, that is an impressive list of cost savings. Way to go!
Excellent ideas Lizette..............kudos to you for trimming the fat..............I need to take your lead, thanks.
Lizette-- Getting rid of Showtime was my favorite savings idea. When does a Realtor have time to sit and watch movies??
Lizettte, great tips on ways to save! Passing these on to my husband to see how we can trim some also! ~ Susan
My wife and I waste our money on Netflix. Good company but we have three movies sitting here for two months at a time at fifteen bucks a month. Wise.
Hmmmm...Netflix might get the axe tomorrow. I think I will save about $120 a year. Thanks Steven! The last movie is still waiting to be seen...3 days after it arrived.
Oooooooo... I love Netflix. It keeps the shorties happy. We are into instant gratification (LOL). ;-)
cool!
I can tell you that I see a lot of local agents spend money on things that do not work
your friend in Charlottesville Virginia
Oh and with Netflix, we now view most shows instantly which is great with the kids
your friend in Charlottesville Virginia
Lizette,
Good for you. I like to take the approach of GROW. Whice stands for
Get
Rid
Of
Waste
Lizette - I do this often too, $10 here and $20 there adds up quickly. We also had HBO for one show, but we dropped it and watched the show online.
Good for you. I would like to drop our premium channels on our cable but the rest of the family says no. :) I think we can all make changes, no matter how small; they add up.
Lizette-
I am in cost cutting mode right now. I am looking at {gasp} going back to terrestrial tv and cut cable altogether!
Rich
Absolutely!! Re-assessing expenses is probably the most important part of the business cycle. It is AMAZING how much overhead will creep in, even when you think you're being a hawk with every dollar.
This is the second time today you've given me something important to think about .. much appreciated, Lizette
Lizette- good times or bad, we could all trim some fat. I switched from paper delivery of my local paper and the USA Today to e-delivery. I'm still paying but not as much as for the paper format. I've tried just using the website but I still like the format of the paper. I'm going to re-think some of my cable just to see what I actually do watch. Thanks for reminding us of how all the little things do add up.
Lizette,
In Canada, our fees are easily double to triple yours. So, just think how good your advice will be to your Canadian audience.
Brian
As an iPhone/iPad/MacBookPro/Mac owner, I can tell you that you'll love the impact the iPhone/iPad will have on your ability to stay connected with phone/email/sms-alerts/etc.
I too canx my HBO/Showtime package after realizing we watched very little on either network last year.
Good for you! I've been trying to think of ways to trim the fat but I'd have to get rid of my two kids:)
Wow! How did I get 2 features in one day? THe AR gods are smilin down I guess. Thanks!
It's called a double feature! ;) congratulations on being featured TWICE in one day. YOU ROCK!!!
Trim the fat? I've cut my home and office expenses by 50%. That's the way it goes! Print advertising (flyers) was the first to go.
Lizette, before ytou drop TMobile, be sure to check into the "tethering" charges that ATT charges. I tether (hook up) my laptop to my HTC HD2 and get on the internet for free.
It is always a great idea to trim the fat - I am tempted to get a private desk at my office for $150 a month - but think I may just stick with my home office which is free.
I know somebody who was spending ~$60,000 for online marketing in a year! Did your jaw just drop like mine did when I heard it.
But I am sure we all know the saying "Salespeople love to be Sold"
apparently he never met a website he didn't like. Than again, I could not get him to join AR. Ironic
Hi Lizette. I like some of the ideas but I am still keeping Netflix. I find it so convenient to sit and watch a movie at home. Cheaper too but when I receive the DVDs I keep it close to my tv. I schedule movie nights regularly and do not mind paying $13 or so dollars per month. I do not have HBO, Cinemax, or Showtime.
Daniel, I think the spam filter was shocked by the $60,000 blurp! WTF? What idiot spends that kind of money on marketing? Apple?
Lizette,
We dropped all cable a year ago April, I miss HGTV and Food Network but we use Netflicks instant Hulu, etc. so much TV is availble on the websites it's been ok. I changed from an ATand T wireless card to Verizon that will support 5 devices on one wiireless and saved $10.00 a month for better service. Becuase I do computer listing presentations and search properties etc. at open houses so I decided it was not an option to drop my wireless card.
Dropping "extras" is like getting a pay raise, and it always gives me a feeling of freedom and a little momentum. I made a cut a few weeks ago that saved me about $750/year. It starts to really add up.
Very impressive!!!
We cut out cable TV all together. The kids did like to see it but it was just the same crap over and over. When hubby and I wanted to watch TV there was never anything ON that we wanted to watch. We just have high speed internet access now - by cutting out cable we saved $38 / month. We use Netflix too! Most of what we want to see is either available on Netflix or streaming online. The cable company gets snarky though if we watch too much streaming tv! LOL
I have a cheap cell phone plan. I don't need to use my phone for email or anything like that. I have crappy reception thoughout my area anyway. I do not believe I need to be plugged in to the matrix 100% of my day anyway! (only 90%...lol)
I generally don't subscribe to a lot of the junk that is marketed at realtors. Most of it we don't need and it really does nothing to further the business...at least, not further OUR business! LOL
Very impressive!!!
We cut out cable TV all together. The kids did like to see it but it was just the same crap over and over. When hubby and I wanted to watch TV there was never anything ON that we wanted to watch. We just have high speed internet access now - by cutting out cable we saved $38 / month. We use Netflix too! Most of what we want to see is either available on Netflix or streaming online. The cable company gets snarky though if we watch too much streaming tv! LOL
I have a cheap cell phone plan. I don't need to use my phone for email or anything like that. I have crappy reception thoughout my area anyway. I do not believe I need to be plugged in to the matrix 100% of my day anyway! (only 90%...lol)
I generally don't subscribe to a lot of the junk that is marketed at realtors. Most of it we don't need and it really does nothing to further the business...at least, not further OUR business! LOL
Congrats girl!! I LOVE saving $$!!
I'm sure we could all lose a few "pounds" if we look hard enough. Something for me to look into tomorrow. Thanks!
Lizette,
Showtime - Weeds? I signed up for it in the Spring and paying to wait for new episode in August.
I found Sprint to be the cheapest unlimited cell/data/text unlimited coverage although jealous of the iphone apps.
I check auto/house insurance every few years.
Great post.
Lizette, thanks for sharing. I, too have cut out a few things like HBO for one. I'm thinking of switching cell phone plans too. We have Verizon and pay $250 a month combined for three phones, only 1 BB. I was thinking of going with sprint. The other day I had to call Liberty Mutual because as a member of NAR I'm supposed to be getting a discount and used to be on the bill but I noticed they removed it so I called them. $27 a month is $324 in my pocket.
Hi! Lizette, I have been doing the same thing recently. It is so easy to keep adding $40 here and $60 there, without thinking of the yearly impact. I am trimming some of the fat off the budget. Hope all is well in the Bluegrass state!
Lizzette great job. My family don't want to hear I am on the cutting path, however someone has to do it. :)
Lizzette great job. My family don't want to hear I am on the cutting path, however someone has to do it. :)
It's important to do this with both personal and business expenses. As the old saying goes, "A small leak will sink a big ship."
Good job!
-- Danny
Lizzette it is amazing what all we have that we would more than likely never miss if we got rid of it! I've trimmed costs in many places including cable TV extras. In the process of trimming many of the extras on the Cable TV bill I re-discovered the art of negotiatingas well for myself. The same type of negotiating we all do for our clients which I wasn't doing for myself. I've re-discovered that cable tv, cell phone companies and others are willing to cut some bargains to keep your business.
There's a lot of "fat" that can go and would never be missed.
Sue of Robin and Sue
You sound like you have been listening to Dave Ramsey or Clark Howard. We were paying 135 a month for storage on stuff that was sentimental and limited value...closed my eyes and donated most...savings will be phenomenal this year.
I love reminders like this. When I talk to people who say they can't save I ask them if they get coffee at Starbucks. If they say yes I say they can save about $500 to $800 per year. I ask them if they smoke. If they say yes I say they can save over $1,200 per year. I ask them if they eat lunch out every day at work. If they say yes I say they can save about $1,200 per year. Right there that's over three grand just from a couple changes.
Lizette- I bought over $900 of personal care products from toothpaste to shampoos to body washes, all nice name brand and lots of natural ones too for $68 using the Walgreens Rewards dollars they give back along with their sales and coupons. I also buy $130 worth of groceries for only $32. I save about 90 % on all of our household stuff and about 80% on food. We cut our food bill from $1200 a month to less than $400 per month! Now that is some serious savings! I have videos on youtube on how I do that.
I am always looking at where to cut costs no matter how much dough we roll in, it is best to be super savers because there are lean times and there are abundant times. We paid off Nestor's car with the savings from couponing. That is nothing to sneeze at. i save thousands of dollars a year doing that. We also pay as we go, no credit cards anymore except for traveling- but then we pay the card right off. We do have credit cards to pay off still from before we saw the light:) We don't have the movie channels. Those are a total waste of money for us.
I also look at where we should spend money in order to make more money. I pay for someone to clean my house because that time is better for me spent blogging for dollars- much more than what I would get paid to clean houses. We pay for a landscaping company to take care of the yard and such for the same reasons, Nestor can better spend that time on the phone with our past clients and prospects and do his networking.
It is often a lot easier to cut unnecessary personal expenses and expenses that do not increase your profitable business than to try to generate new business in a poor economy. Some types of expenses are monthly annuities that go on forever until you cancel the service.
I think it's important to look at all expenses at least twice a year and make sure that nothing needs to be cut or changed.
We cut our cable down a notch - didn't eliminate it altogether. We switched our home phone to Magic Jack which is $20 a YEAR. We switched to Real Estate Shows which is $98 a YEAR vs. $50 per virtual tour for another company x 25 listings, saved $1250. I have a new web site for $350 a year and ditching our $71 a month web site. I just read something last week about making your own solar panels and cutting back on your electric bill. That's definitely an ongoing expense we could save some money on!
BTW, you will LOVE, LOVE your iPhone!
Definitely cut corners. My big thing is cutting my grocery bill in half. The best savings for me was 67%! Now everytime I shop its a game to see how much I've saved. I also pulled out my bank statements and went over it with a fine tooth comb, I was surprised to see a few memberships still active and costing me money! Smart move, great post.
All good ideas -- everyone we know is cutting everything they can -- we all can save something by doing this.
This is great advice and the things that you cut will not be missed in the long run! There is always room in the budget to try new things if you can cut away the things that have not paid for themselves. Good for you!
Lizette, You are right on track. I was shocked to discover how much money I was throwing away in my business practices when the market crashed and I HAD to cut the fat. Now I hope we've all developed some better habits that will carry on when business is better.
Lizette:
It is frightening when you start to calculate how much money is actually going down the drain. I think Katerina is the champion cost cutter.
One thing that has been crucial to me is to stay out of debt. My cars are always paid for in cash and my credit card bills are paid in full every month. Why pay interest when you can actually save that money?
What a GREAT READ Lizette! Love the ideas for home and work expenses. I've got a few that could use my attention right now...you've been an inspiration this morning! ☼
It's amazing how we never seem to learn ! When $$$ is plentiful, we fall prey to excess spending !
It is good to clean the fat. I think we get use to many things and just forget about them, but if we really look then we can clean house.
One thing I did was change my homeowner insurance...saved 600.00 a year. My cottage home owner insurance...saved another 600.00
Good for you Lizette! When we look at our annual Visa summaries, mortgages, vehicle maintenance, healthcare, etc etc...it's unbelievable to realize what it costs to live in this country!
I cut out my GE Supra access ($150/yr) because that technology is such a minority. After 12 years I'll be switching from Verizon to Sprint - same package that will save me $30/mo.
Lizette it's a great feeling when you are able to make wise choices like this. When money gets tight and it's time to cut the fat, a good rule of thumb to start with is think recognize the necessities first: Food, clothes and shelter. All else is pretty fair game for elimination.
I use to be a facilitator for the Gary Keller "The Millionaire Real Estate Investor" when I was a KW agent. I used to kid with the group and tell them that:
"contrary to popular belief, cable is not a necessity." They used to get a big kick out of that, but it was the truth. If I were barely able to pay my rent/mortgage, buy clothes to put on my back and food on my table -- eliminating cable would be a no brainer.
Wow! You guys have a lot of good ideas too! Some of the other ways I save and I now have my own brokerage are:
just having a home office, I do all my own printing and designing of marketing materials
no more pedicures I can do them myself,
I eat at home most always, I freeze small portions to heat up when I am in a hurry,
never buy a Starbucks coffee but go there to get the bag of ground coffee(then they give you a free coffee of your choice),
wash and detail my own car,
pay all credit cards off each month, use the points to get gift cards for free gas and restaurant meals,
use Send Out Cards and write off the expense and postage,(I also receive a residual income from them that is now paying my mortgage each month)
turn down the thermostat whenever I leave for the day,
save rainwater outside to water my indoor plants, I pay someone to mow and trim the lawn but I take care of all the trees and flowers.
My splurge now might be to take Chanel to get her hair cut. It got to be too much for me to do after 4 1/2 years. It's like shearing a sheep. That alone saved me $2430 over the years.
I barter for services and trade out for ads in my weekly email newsletter, "I Love Kentucky News!" with some businesses.
This all rolls together for some great savings.
My girlfreind and I combined out insurance policy on our cars and saved $1000. We combined out ATT accounts and saved $1200 as well as reducing the minutes after careful evaluation. Netflix with streaming video instead of entertainment channels save even more. Lastly, since I had radiation treatment on my neck cancer 1.5 years ago, my sensitivity to salt rose incredibly, and I found out as a salt barometer that eating out will tell you that food places are lazy and use a lot of salt for flavor. Now we eat mostly at home and eat better food and a lower price. Just my contribution to trimming the fat. My only other wish is that you would have put the Let's Get Physical video on you post.
A lot of money flies out the window every month without a written budget for your business. Think I need to pay a little more attention. Great job!
Lizette: Glad to hear your going with an iPhone, we love ours. The iPad is awesome, now go get a couple of 27" iMacs and you will one of the cool kids on the block...
Great post...
5 years ago we would not have been thinkning like this. When things get better will we remember or will we let things slide back to the other side? We got programable theromstats, tankless water heater and I hang clothes on the line. Our savings is over $60 per month to the power company. Basic Cable and Net flix are our only entertainment, outside that we go the free route, free concerts, free exhibits etc. I have had a real eye opener and hope that when things get better I will have made some good habits and will bank more of my money.
Lizette: Great Post. I did the same last week. By the way if your looking to move to ATTthen you need to ask about the A-List. I called last week to lower my minutes on my calling plan so I can save some money but was informed if I go to the lower plan then I might go over my monthly minutes then causing my plan to actually cost more per month. I was in a catch 22 situtation until the sales agent said well you know ATT to ATT the calls are free but you can sign up for the A-List which allows you to call or receive calls from 10 non ATT people at no charge and will not count against my minutes. All I had to do is go through my phone bill and pick out 10 numbers and then go to their website and add them to my online account. It was easy. By doing this, I am going to get an average of 400 minutes free and by going to a lower plan I am saving $29 a month @$348 a year...
Your post is very helpful about saving money, and I think I am going to blog about the A-List to help other too!! I love the AR community because of all the free information out there.
Look into getting cheaper insurance - car, home, and life. I was able to save $80/mo and doubled my life insurance coverage by shopping around.
Lizette, Great advice. Sometimes we don't realize where all our money is going until we analyze our situation. Thanks.
I need to do the same roll. Time to revisit Quickbooks to trim any fat that is left.
It's amazing how all the little things we think are so important add up quickly. Have been doing the same thing here...trimming the fat. Great post!
I'm going to take the other side here and say that it's really time to go spend money and help the businesses in your area. If we all cut back to the bone, what happens to the restaurants, beauty salons, hotels, local starbucks etc. etc. etc. in your own home towns. If they go out of buisness, they fire employees and some of them could be your clients. If nobody spends money, companies won't need to hire more people, and that just makes things worse. We have enough vacant retail space, without creating more.
So, in my opinion, I say go spend money. Help others out, create jobs, make the retail world whole again and when people spend money, jobs are created, people feel better and they might actully think about buying a home, or at least not lose the one they already have.
The last time I checked, banks won't loan to people without a job. So, help to make sure people in your towns have jobs. And for those that are anti big companies, they do hire a lot of people. It's the least we can do to give back. Spend money!!!!
I also cancelled Showtime this month. Waste of money if you never use it.
Use the Internet from your phone for your laptop. PDANet is 25 bucks and connects through USB or bluetooth to your laptop. Do not need an air card if you have a cellphone already.
The newer phones will let you tether free. Also, you can broadcast your Internet from phone and make it a WIFI hotspot. I think Sprint EVO 4G has this option.
Not sure Apple will let you do this, check it out before switch.
Good Luck..
I did that a while ago and also saved over $1000 easily, from dropping my monthly subscriptions that I forgot I paid for to cutting the land line. We pay for 4 cell phones. Who needs a land line?
I did that a while ago and also saved over $1000 easily, from dropping my monthly subscriptions that I forgot I paid for to cutting the land line. We pay for 4 cell phones. Who needs a land line?
I think many of us are taking a hard look at where we are spending our money both personally and professionally. I have stopped signing up for any year-long commitment for business services. Paying month-by-month is a little more expensive but if the program does not work out for me, I ultimately will save because I can cancel.