Karen, a single mother and successful corporate executive, made good money (over $80,000 a year). When Karen started her coaching sessions with me, she told me that she was thinking about getting a second part-time job to be able to pay all of her bills and build her savings. I told her NO! I gave her several strategies that helped her save about $5,000 in a year.
Here are TWO (2) of the strategies that I coached her through.
CASH FLOW STRATEGY #1: EAT IN!!!
Karen admitted that she hated to cook, so she and her son ate out frequently. She also bought her lunch everyday during the week. She spent an average of at least $30 per day. Instead of telling her to stop eating out cold turkey, I suggested that she eliminated eating out for one meal. She would at least save $10 per day. She decided that she was going to take her lunch to work.
Karen saved $10 per day, $50 per week, which totaled $2,600 for the year.
CASH FLOW STRATEGY #2: STOP NAME DROPPING!!!
Karen admitted that she was fixated on buying "Name Brands" when she went grocery shopping. So, Karen and I went grocery shopping as a Field Trip. When she picked out something that was "Name Brand," I picked a "Generic Brand" to compare ingredients and PRICE! She realized that most of the Generic Brands had the same ingredients with LOWER PRICES. During this Field Trip, Karen saved almost $100 on her grocery bill and got more food (to make her lunches). Karen went grocery shopping twice a month.
That's $200 savings per month, which totaled $2400 for the year.
In one year, Karen saved about $5,000 without getting a second job. Her part-time job became making her lunches and implementing the strategies she learned during our coaching sessions.
This allowed her to spend more time with her son!
Lesson: It's the little changes that make a BIG difference!