So I’ve got a really important question to ask you today:

Are you leaking money in your business?

Let’s talk about how you can find those leaks and how you can plug them up so you can keep more of that money.

I actually did something quite extreme to find my money leaks.

I cancelled my credit card.

I thought, I’ll just see what payments were coming out of this card. So I called the bank and said, I need to cancel my card, I need a new one and they sent it out to me and then over the next couple of weeks, I just saw what was coming up in my email with people who are saying, you know, your payment defaulted, can you send us your new credit card details?

And it really gave me the opportunity to look at each of those things with a fine-tooth-comb and say, “Do I really need this?”

Some examples were:

• teleconferencing software that I never used anymore
• software from my blog that I never used anymore
• fees that I was paying unnecessarily
• old blogs that were renewing just randomly
• URLs that were renewing that I’ve never, ever used and I probably will never use in my life

All of those things were costing me just a little bit of money each month but, really added up. So cancelling my credit card, even though it might feel a bit extreme, was a really great way to identify those leaks.

Now, if you don’t want to do that, that’s totally fine as well.

Just make sure that every month, however you do your bookkeeping or reporting, even if it’s just printing things out or just looking at your bank account- look at each line item and ask yourself:

1. Do I still use this? 2. Do I really need this? 3. Could I use something different instead?

I also called up PayPal and asked them to reduce my monthly fees. Anybody can do this. You don’t need to negotiate, you just simply have to ask. It is really not scary at all.

Just by going through and thinking, do I need this? Can I get a better deal on it? Is this something that I could replace or get something cheaper? I actually saved myself $6,000 just by paying a little bit more attention to where my money was going.

When you do things like that, the universe rewards you, because you’re taking care of your money –  you’re becoming a better steward of what you already have, and then the universe can send you more.

So I would love to hear from you…

What are some money leaks that you have found in your business recently?

Are there things that you really don’t need to be spending money on and what actions have you taken to plug up those leaks?

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March 2015 Issue