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5 Small Business Tools You Can Get for Cheap

5 Small Business Tools You Can Get for Cheap

For small businesses all around the country, saving money is a huge deal. Monthly budgets often come down to just a few hundred dollars of leeway, which means one step in the right or wrong direction can mean the difference between staying afloat and crashing down. Thus, affordable tools can be a huge asset.

Here are some small business tools that you’ll want to try.

1. Website Builders

If you don’t have any experience or background in web development and design, then building a website from scratch can seem like an unrealistic proposition. Where do you even start?

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The good news is that there are lots of website builders available online. According to an expert review site, the three top website builders for small businesses are Weebly, Wix, and Webs. Each has their own pros and cons, but they’re all cost-effective and highly intuitive.

2. Social Media Automation

Social media is a critically important component of many small businesses, but it’s also highly time-consuming and frustrating. There simply aren’t enough resources to successfully manage all of the responsibilities that come with social media. This is where automation tools come into play.

With free social media automation tools, you can put some of your responsibilities on auto pilot while tending to the tasks that need your full attention. Some of the top time-saving tools include Socialoomph, Post Planner, and Buffer.

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These tools do things like help you schedule social media posts ahead of time, track keywords, automate following, identify social influencers, and more. When properly optimized, you can achieve the same results as manual social media management with much less time.

3. Business Planning

Trying to conduct business planning without a formal department dedicated to the tasks and responsibilities can seem impossible. However, if you have the right tools at your disposal, it can instantly become easier.

The first tool you need to know about is Bplans. With Bplans, you can download free business plan templates, pitch presentation templates, SWOT analysis forms, and other related guides on starting, funding, and scaling businesses. The second tool is Enloop, which allows you to write detailed business plans without much knowledge of the process. It also gives you a three-year financial forecasting report and free business plan grade.

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4. Graphic Design

Not a graphic designer? Don’t worry. There are a ton of free graphic design tools online, but there are two you really need to know about: Canva and Piktochart.

Canva is a free tool that lets you use preformatted templates to create a variety of marketing materials that look like they came straight from a professional designer. Whether it’s brochures, marketing flyers, social media banners, or anything in between, Canva has you covered.

Piktochart lets you design immersive infographics with no knowledge of the design process. Simply use beautiful templates and drag and drop various elements to create a shareable piece of artwork that draws people back to your business.

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5. File Storage

What do you do with all those pesky files? Well, there’s no longer any reason to e-mail files to yourself or to use an inconvenient floppy disk or USB drive. All you need is the right cloud file storage solution. According to one review site, the best options include Dropbox, Google Drive, and Box. Each has its own storage limits and requirements, so find one that works for you.

Arm Yourself with the Right Tools

Don’t let anyone tell you that you need to spend thousands of dollars on small business tools in order to be competitive. All it takes is some patience and a willingness to search for the right solution. There are plenty of opportunities to find free tools, and you should use as many of them as possible. Once you find a handful that you really like, you may even be able to spend a few dollars per month to unlock premium features. Not only does it help you make better decisions in choosing business tools, it also allows you to control your expenses.

Featured photo credit: Pexels.com via static.pexels.com

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Anna Johansson

Anna specializes in entrepreneurship, technology, and social media trends.

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Last Updated on June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

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