How Frugal Entrepreneurs Can Save Money - 17 Thrifty Tips

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Did you just start working for yourself or have you been an entrepreneur for years? Either way, you can always find ways to save money as a frugal entrepreneur. Running a business requires being on a lean budget.

Whether you want to cut your personal or business spending, you can use a few ways to save money being your own boss. Then, you can reach your income goals sooner in frugal entrepreneurship. 

Keep reading to learn 17 wonderful ways to save money as a frugal entrepreneur or bootstrapping business owner. 

Stop Eating Out 

One of the easiest ways to save money as a frugal entrepreneur is to stop eating out. The more you go out to eat, the more you'll end up spending on food, and that can add up over time. 

If you really want to eat out, you can treat yourself once a week. You can also save money by looking for coupons or special deals at the restaurants you enjoy. 

And if you have family or friends nearby, you can eat out with them and split your meals. Then, you both can save money, so you can put more of your money away. 

Make A Grocery List 

Another option for how to budget and save money as a frugal entrepreneur is to always grocery shop with a list. Write your list ahead of time so that it includes what you really need. Then, avoid getting anything that isn't on your list. 

You can also save money at the grocery store if you shop when you aren't hungry. If you haven't eaten, you may be more tempted to splurge on snacks or drinks that you wouldn't normally get. 

Instead, stick to your list and don't be afraid to compare brands of the same product. Sometimes, the generic version can be just as good, but it will cost a lot less for the same amount. 

And don't be afraid to visit discount grocers like Market Basket or Dollar Tree to save even more on your food bill! Frugal entrepreneurs need to sacrifice on food quality sometimes, at least at first.

Join A Rewards Program 

If you are an entrepreneur that likes to visit the same grocery store or restaurant a lot, you should join their loyalty program if they have one. Depending on the program, you can save money on basic groceries, or you can get a free meal after a certain number of purchases. 

You may also get access to special deals, or you may hear about general deals earlier than the public. For example, the Kroger ad contains a variety of deals for items across the store. 

If you're going to shop somewhere anyway, you may as well save money in the process. You can find rewards programs for retail stores as well, so you can save money on many things. 

Get A Roommate 

If you live alone as a solopreneur and your lease is almost up, consider adding a roommate to your current place or moving in with a roommate. While a roommate can be annoying, having one is one of the many easy ways to save money as an entrepreneur. 

You can split costs for rent, utilities, and internet services. Then, you can put the extra money into savings or use it for other expenses. Living with a roommate can also help you afford a safer place to live. 

If you're on a tight budget, you may not be able to afford something nice yourself. But you could get a decent space with a roommate, and your cost may be the same or lower. 

Move Home 

If you recently graduated college or even if you're a bit older, you can also consider moving home while you build your business. While some parents may not have space for you, it can be a great option if your parents do have room. 

In some cases, your parents may not charge you rent at all, so you can save all of that money. Even if your parents do charge you rent, it's probably not going to be as much as if you lived on your own. 

Now, moving home also relies on the fact that you can live in your hometown. If you have a physical business elsewhere, it can also be hard to move back, but it can be worth it if your business doesn't rely on a particular location. 

Choose The Right Neighborhood 

One of the best ways for frugal entrepreneurs to save more money that you may not consider is choosing a good neighborhood. Of course, this can include safety so that you don't have to worry about a burglar. However, it can also make your daily life more affordable. 

If you live in a walkable area, you won't need your car for groceries, banking, or other common activities. Then, you can save money on gas and car maintenance since you won't use it as much. 

And if you move somewhere with good public transportation, you can even sell your car to save more money. Even living close to a walkable area can reduce the length you have to drive, which can save money a little bit. 

Switch Banks 

One of the most annoying business expenses comes from your bank. Some banks will charge businesses fees just to house an account at that institution. 

If you can't waive the fees at your current bank with a larger balance, you can consider switching. Some banks offer free accounts, especially for smaller businesses. Then, you can get all of the same services but for a lower price. 

A credit union can be another great option to save money during your frugal entrepreneurship journey. Because credit unions are non-profit, they probably won't charge as much for the same services as a traditional bank. 

Cut Back On Travel 

If you are an entrepreneur that likes to travel a lot, you probably know doing so can be expensive. To save money as an entrepreneur, try traveling less often or going to cheaper destinations, You can also opt for cheaper travel methods, such as trains or budget airlines, while building your lean startup company. 

If you travel a lot for work, ask your clients to help pay for your travel expenses. Then, you can save money but still be able to travel to work with clients or participate in events. 

In your first year as an entrepreneur, you may also want to cut out travel completely. Not only can that save you money, but it can help you be available to work on your business as it grows. 

Review Your Subscriptions 

Next, you should take a look at your monthly or yearly subscriptions. Consider if you really need to use three or four different streaming services. If not, get rid of the ones you hardly use. 

If you have something that you use occasionally, you can see if a friend or relative will split the cost. You can share a Netflix subscription, for example, and you can have individual profiles. But you can both save money. 

Be sure to review your subscriptions every few months. While you may use one service now, you may not use it in the future, so you may decide to get rid of it. 

Get Rid Of Cable 

One specific subscription you may want to cut is cable. As an entrepreneur, you won't have time to sit around and watch TV much. Now, you don't want to overwork yourself, but many people are leaving cable behind. 

You can save a lot of money if you stop your cable subscription. Then, you can choose the streaming services with shows you'll actually watch, so you can make the most of your money. 

If you do watch some regular TV, you can switch to a smaller cable package. That way, you can still get the channels you want, but you won't have to pay as much. It's time to cut the cord.

Downgrade Your Business Tools 

As an entrepreneur, you may use a ton of tools for your business. A lot of common tools can cost money, but they may also have free options you can use. 

If you pay for business tools, see if you can downgrade to a free plan. Project management tools such as Asana and Trello have free and paid plans, and the free plans have plenty of features. 

If you use cloud storage, consider if you really need all of the space you have. You can downgrade to what you need, and you can always upgrade again if necessary. 

Switch To Annual Plans 

If you determine you need some premium features from your tools, consider if you pay for them each month or year. Some programs offer cheaper monthly rates when you pay for a year at a time. 

While the monthly savings may be small, you could save quite a bit at the end of the year and over many years in business. Then, you can use those profits for more necessary expenses. 

If a tool doesn't give a discount for yearly plans, you can still switch to paying yearly. Then, you can get that big expense over with and save money for the rest of the year. 

Work From Home 

If you can, try working from home as an entrepreneur. For one, you can save money on renting an office space or storefront. You can also save money on gas and other car expenses since you'll use your car much less. 

Working from home means you can also easily make lunch at home, saving money on your mid-day meal. You won't have to prep the meal ahead of time, and you won't be as close to your favorite restaurants. 

When you work from home, you can also deduct your home office costs from your taxes. Then, you can save money each year when you file your tax return. 

Shop Refurbished 

As you stock your home office, consider a few ways to save money on supplies. Buying refurbished computers and other technology can be a great way to cut costs without sacrificing quality. 

Companies like Apple have strict standards for their refurbished products, so they can still work like new. However, be careful when buying a used computer from a person because they won't have to follow any standards, so the device may not work. 

If you need a desk or chair, you can also use Facebook Marketplace or go to garage sales. Then, you can find decent quality items at a fraction of their original price. 

Sell Online 

If you sell products, you can also save money by selling your items online. Then, you won't have to spend money on a store, and you can cut out the costs of a middleman. 

You can set up a website for relatively cheap, and you can start listing products. While it can be a hassle to package and ship orders, it also allows you to reach more customers than people in your area. 

If you offer services, working online can also help you reach more clients. You won't have to pay for an office space for your next meeting as long as you have an office with a decent background for video calls. 

Swap Services 

One of the best ways to save money as a new frugal entrepreneur is to swap services with another business owner. You do not have to do this all of the time, but it can help you get your business going for less money. 

If you need help with a logo, you can work with a graphic designer. Perhaps you are a music producer, and the designer needs some background music for their video tutorials. 

You could create some original music for the designer in exchange for their logo design service. Then, you can both save money while helping your businesses. 

Hire Freelancers 

If you need help working on your business, you may need to hire someone. However, hiring employees can be expensive because you have to pay for benefits and taxes. 

Hiring freelancers can be a great way to get the help you need while being able to save money. You can hire freelancers to work on projects, so you can more easily budget your expenses. 

And you can hire more freelancers who specialize in different areas, such as graphic design or writing. That way, you can get the help you need as a frugal entrepreneur on a budget. 

Save Money As A Frugal Entrepreneur 

If you are an entrepreneur, you may find it hard to save money. However, being frugal is possible and even easy if you know which methods work the best for you. 

Whether you decide to get a roommate, join a loyalty program, or work from home, you can make it work. Then, you can put more money back into your business to help it grow. 

Did you enjoy this article on ways that frugal entrepreneurs can save major money? Check out our finance section for more content on conserving cash.

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