Finance Coach - Vol. 20

Finance tip: Entertainment

You can still enjoy yourself on a budget. One of the first areas that people cut down on when they fall on trying times financially is their entertainment expenditure. It’s still very possible, though, to have a good time and let off some steam without breaking the bank – just be innovative in your thinking. For instance, if reading is your way of ‘escaping’, there’s no need to pay through the nose when the new bestseller comes out. Sign up as a member at your public library – it’s generally free and you’ll have access to thousands of books all across the spectrum. If you’d usually fork out for a movie at the cinema, consider waiting for the DVD, or taking in a performance at your local amateur theatre instead (they’re normally so glad to have an audience, they barely charge anything!) Or if expensive dinners were your indulgence, rather organize a dinner party with some close friends. Get everyone to bring something different (eg. one brings a starter, one brings a main, one a dessert, one a bottle of wine) and you can all revel in each other’s company, while saving good money as a group…

Business tip: Strategy

Beware of paradigms. When trying to innovate in your business, always be wary of people who tell you why you can’t do something. They’ll be very quick to tell you that “You can’t do that”, “You can’t charge that little/much”, “It’s always been done that way”, but don’t fall into the trap of their way of thinking. Many industries have unwritten rules or ingrained practices that have formed over time. They’re not necessarily the best or most efficient way of doing things, but they’re there, and people don’t want to be seen questioning them, for fear of being ostracized. But be different. Break the mould. Always ask “Why?” or “Why not?” And if you (or they) can’t come up with a logical, sensible answer, then go ahead and do it!