June 22

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Practical Guides For Saving Money In Bristol

Global events have put a financial strain on businesses for the past two years. The effect is worldwide. Governments made money available to help through the crisis. However, those short-term solutions were not enough to address the subsequent inflation.

 

Small businesses are taking the most brutal hit. In fact, 51% of the construction companies and 19% of bars and restaurants are financially insecure, according to some reports.

 

In this article, we would like to share tips that anyone can follow to improve their financial situation. These tips come from a report called, Lottoland’s financial diet survey.

 

Lottoland is an international online lottery, eSports, and casino company. They do business in more than 30 countries and have millions of clients. They are in a unique position where they can see the financial issues from the outside perspective.

 

Basic money-saving tips

These tips are common sense and maybe things you already do. During financial periods where money is in short supply, it is important that you kick these efforts up a notch. We urge you to look at each item and evaluate them. How can you effectively do these things? Can you put more effort into some of these? Small savings add up to substantial rewards.

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  • Budget your monthly spending.
    • Include everything in your budget. Don’t make the mistake of creating large categories without considering actual spending. Look at your receipts. How much do you actually spend on fuel, eating out, going for drinks, and clothing? Figure each section, then find ways to cut back on frivolous items.
  • Look for (and ask for) good deals.
    • Ask if the supplier can do better on the price or perhaps improve the benefit to you by including a free warranty. Call their competitor, tell them what you are buying, and ask if they can beat the price the vendor is quoting. In tough times, companies will make good offers to get your business.
  • Sell unwanted (and unneeded) items.
    • When you upgrade, offer your old item for sale. There will be someone looking for a deal. They may be willing to buy your old equipment even if they have to invest some time and money into it.
    • If you bought a “project piece” that has been sitting in your garage for more than six months untouched, you don’t need it. Sell it and wait for a time when you have more resources.
  • Pay off credit card debt.
    • Pick the card with the lowest balance and pay extra on it until it is paid off. Then go to the next card (paying the money to that bank that you had spent on the first card)
  • Save for emergencies.
    • Regardless of your situation, mark at least a small percentage of your income for saving in an interest-paying account.
  • Save for retirement.
    • People sometimes make the mistake of not saving or of draining their retirement during difficult times. These mistakes will ensure financial strain will remain long-term.
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Cost-cutting ideas for small businesses

Small businesses in Bristol are struggling. These money-saving tips can save a company a significant amount of money when applied continuously.

 

Go paperless

Save money on storage costs. Cut the cost of printers, ink, and toners. Printing By scanning documents and sharing them electronically, you can save your business time and money.

Offer Electronic Invoices

Save on printing, paper, and postage by offering electronic invoices. You will also save on the expense of employee man-hours. Computers only need to be programmed to send invoices once. Then the procedure is effortless.

 

Use the best bank

Banks are big businesses. They make their money by getting fees from their customers. Periodically check your bank and find out if you are paying higher fees than you have to or were unaware of fees. Don’t feel you have to stay with the bank you always used. If they are charging you too much, change banks.

Use Payroll Debit Cards
Reduce administrative costs with a debit card payroll system. It eliminates the cost of printing checks and lowers the risk of fraud.

Use a 0% credit card balance transfer.
Transferring the debt of an interest-charging credit card to a 0% intro APR card saves money on interest. It also reduces your debt.

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Bristol will overcome

There are many great things about Bristol. Bristol is (and always has been) an important trading port. Bristol is a significant factor in industries such as:

  • Creative media
  • Finance
  • Aerospace
  • Electronics
  • Art
  • Culture
  • High-level technology, broadband, and development
  • Bristol has an infrastructure to give start-up businesses an above-average rate of success.

 

Conclusion

Inflation is difficult. But, it gives you pause to consider how to run your life and your business with less expense. Oftentimes people are surprised at how much they can save when they make efficiency a priority. We urge you to use these expert tips and add those of your own that you discover along the way. You can survive and thrive with a little effort. You will be glad you decided to check all of your options before it becomes too late.


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