The Loudmouth Lifestyle and Thrift Core's 10 Tips For Early Entrepreneur Money Pains

Choosing the liberated artist's life and striving for true fulfillment requires sacrifice, usually of the financial variety! You can have both, but rarely when you're starting out. I've toyed with my own businesses on and off for years. I'm fresh into a new venture and feeling the financial burn, but I'm still saving and thriving. To help other artists in my boat I've enlisted another perspective (a newbie with fresh ideas) for ideas on keeping afloat (and fed!) as you navigate the tricky waters of starting a new business. Let's start with Stephanie's experience!

Hi everyone!  I'm Stephanie Shar and I blog over at The Loudmouth Lifestyle about eating well and spending less while still living a fun, fashionable life.  I guess you could say that Van and I have a lot in common, but our businesses are very different!  I'm a freelance writer and aspiring model building my portfolios and just starting out on my dream.  Only a few months ago I was still climbing the corporate ladder at my former career.

I've gotten a lot of questions about how I can possibly survive and make money without a 'real' job in a place like LA.  It's a valid point -- Los Angeles is the fifth most expensive city to live in (as a state, California ranks #1).  Although I'm still learning, I'm going to reveal a few things I've done to make ends meet.  Hopefully these tips will help you out, wherever you might be!

1. Plan + Make the decision that you will NOT end up on the street.  Make a plan before you put your two weeks in.  I knew I was going to leave my workplace about six months before I officially quit.  I started saving money right away and planning my exact course. More importantly, be mentally prepared. You need to BELIEVE that you won't end up broke and homeless.  Keeping that determined, positive energy going will prevent you from getting to that point.  

2. Take advantage of the free opportunities available to you. Yes, I'm on food stamps and I have free healthcare through Medi-Cal.  Why?  Because otherwise I'd have to dip into my savings for groceries, and I lost my health insurance after leaving my job.  This isn't 'working the system' -- it's using what I'm allowed to in order to survive!  If you qualify for any type of welfare or aid, there is no reason why you should be ashamed to apply.  You don't have to use it forever, but until you really start making money, you may need it. Don't be embarrassed, that's what it's there for!

3. Communicate with your loved ones. I don't know about your city, but in LA it's all about what you're driving, what you're wearing, or what club you're going to that night.  Everyone wants to look and be rich.  You don't have to be, and you don't have to pretend to be!  If your friends or family are going out somewhere and you can't afford it, just tell them. They might even help you pay for the night out, or change the venue so that everyone can go.  At the very least, you could plan the next outing for a cheaper spot.  You also shouldn't feel pressured to buy something every time you go shopping with a friend, or eat a big meal when you go out to a group dinner -- window shopping and munching on the free bread is completely valid.  Inform your friends of your current situation and if they love you, they will understand.  In fact, they will probably admire your frugality!

4. Set a budget and keep track of EVERYTHING. I didn't start keeping a budget until a few months ago and I'm so glad I started.  I wrote about my budgeting plan in great detail here, but the bottom line is, you need to keep track of every cent you spend.  It may seem tedious, but it will help you decipher patterns and decide where you need to cut back.  I was spending WAY too much on Starbucks and now I only swing through there maybe once a month.  We usually don't notice these things during our busy day-to-day lives.  Hold on to all of your receipts and open up a spreadsheet, old-fashioned ledger or both.  Create goals and hold yourself accountable.  Take control!

5. Use the power of technology. Download VSCO and edit your photos for free.  Get Viber and text/call people without a plan.  Save money on groceries with Ibotta.  Grab a cheaper taxi or hotel with Uber and Airbnb.  And, my favorite -- find the cheapest gas near you with GasBuddy!  (Anyone else dealing with $4.50 prices?  Anyone?)

That's all I've got for now, guys.  Follow me over on my blog, Twitter or Instagram for more tips and ideas for your thrifty but fashionable lifestyle, and feel free to ask me any questions in the comments!  Thanks for reading, and a big thank you to Van for having me over today!

And hey again, Van here. Stephanie has the additional challenge of living in the priciest state in the USA! I'm luckily nestled in Jacksonville, Florida's picturesque Riverside community. Everything's in walking/biking distance and there are plenty of affordable apartments. Rent for business owners, however, is near-impossible to navigate- and without the population to support a local shop to boot! I still have those challenges, but I've got living on less down to a science.

I switched from being a full time marketer to reseller nearly three years ago and now I'm slowly making another transition, this time applying (and sharing!) what I learned from the first time I made this journey. These are my veteran tips:

1. Save + Have Your Business Operating Before You Leap: I had over $14K put away before I left my day job and blogged for over three years before my brand grew enough to become my day job. I didn't leave without a plan. I had savings, customers, and thousands of dollars in merchandise to sell.

2. Think of Ways to Slash Expenses: Call cable/internet/phone/insurance companies to see if you qualify for deals. Move to a lower-cost area and consider a roommate. My roomie and I paid $481.10 each total for cable/internet/rent/electricity this month and we live in a beautiful, super spacious 2 bedroom 2 bathroom apartment in the middle of a thriving area. (It's got an odd location above a corner store that scared other renters away. Their loss, our gain!)

3. You May Need Part Time Gigs in the Meantime to Survive. That's Okay: Perhaps you'll have to work a flexible part time job to make ends meet, that's normal. I take on different creative writing/design work, I work 2-3 days a week in a raw vegan kitchen and I resell vintage wares; it pays the bills while I transition to making creative writing my biggest income source.

4. Don't Spend Like You Did When You Had Full Time Employment. Don't Worry. It Gets Enjoyable: I'm not saying you can't indulge, but you can't have it all. My "splurge" is delicious, healthy food. I thrift for clothing/essentials. I still find excellent quality and downright beautiful clothing and household wares. (See: Name brand dresses I found for $2.50 each from a yard sale.) Choose a priority and utilize the thrift store, dollar store and bargain bins for everything else. Be creative and make what you can. (I make my own toothpaste / deodorant for example, not only cheap but effective and chemical-free.) Make do. I promise you won't feel deprived for long. Once these habits are incorporated in your life it becomes a fun challenge to make more things instead of "buy" and build up savings along the way.

5. Evaluate Every Single Business and Personal Purchase: Especially when you're starting out, spending wisely is critical. There's very little you need in your personal and business life to be successful so spend judiciously. My rule? I'm extreme. I buy NOTHING until it's absolutely necessary. I recommend you comparison shop, use discount cards/codes/memberships, and ask for freebies and sponsorships. Buy good quality so it lasts and only buy what you absolutely love. It's not just wise for your business, it creates a naturally zen, effortless lifestyle.

I earnestly feel like everyone should minimize and live beneath their means in these uncertain times. This post is for our fellow struggling entrepreneurs, but it's safe to say nearly everyone is feeling the burn and uncertainty right now. I hope these tips help whether you're starting out or you're a veteran looking for ways to save. We promise you won't have to work that corner or that pole to survive! 

Any tips for newbie indie business owners, or tips on saving during tough times? Do share in the comments, let's all help each other out.

*Note: I always appreciate when people share dissenting opinions, but please everyone, use tact when disagreeing. Please, no personal attacks. We're all above that. *

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