Whether you’re just starting your business or you have been in the trade for years, budgeting is one of the key skills you will need! We know it’s hard to find the time to do this, but it will hugely benefit yourself and your business finances. Here we have put together some way you can cut the costs of your everyday expenses quickly and easily!
Find discount codes
Make those most important and everyday costs cheaper by using discount codes when you’re buying them online, mainly tools and materials.
Free van advertising
By branding your van with your company you can promote your business whilst you travel around from work! This is a low-cost way of advertising your business, so you don’t need to pay someone else to advise for you and you use your own van which is free, you only need to pay for the stickers!
Switching your van or cars to electric not only reduces your carbon footprint, and it helps you save money on energy bills and fuel costs. So the cost per mile of electricity is lower than petrol or diesel, and electric vehicles often have lower maintenance costs.
You can also consider installing a smart heating system if you have an office. By having one of these you will be able to see the cost of the energy you’re consuming and ways to reduce your usage, across many devices.
Claim allowable expenses
Did you know all the business expenses that you don’t have to pay tax on? You can claim back on uniforms, protective workwear and work-related fuel costs. And there are certain items that you use for both business and personal use, which can be claimed as allowable expenses. So remember to keep all records of your purchases for your tax returns.
Keep your van insurance price down by when it’s time to renew, don’t just accept the auto-renew quote. You should spend some time shopping around to find the best deal for yourself and even haggling your price down to ones you have found online.
Apply for government financial support
If no money is coming in throughout these tough times, you can always apply for the government package of coronavirus support. This is to support all UK businesses facing difficulty during the COVID-19 pandemic. You can explore other places that are giving cash grants, loans and other available supports.
Invest in your tools
Your tools are essential so you should always take care of them! So if you invest in high-quality tools, then further on down the line it’s unlikely that they will need replacing. You may think that cheaper is good for you right now, but the higher value tools will last longer making them cheaper in the long run.
High-quality tools often give your work a better finish, so you are less likely to be injured from its ergonomic design. That being said, if you break these tools that can be expensive to replace, so always invest in tool insurance to cover the cost of replacing your tools, if lost, stolen or damaged.