In this episode...

Note: We use AI transcription so there may be some inaccuracies

Laura Hargrave: Welcome everyone here at Boss It. We would love to hear from you. Join us in our Boss It community by heading over to our website, bossitclub.com, and join our mailing list. As we grow, we will be launching our community of fellow Boss It BFFs, and we want you to be a part of it.

Okay, Sophia Noreen, let's dig into this. I can't wait to tell them all about how we got here.

Sophia Noreen: Welcome to the Boss It Podcast. My name is Sophia Noreen and I took an Etsy startup and launched it in big-box retailers within 12 months. As a creative with an entrepreneurial drive, I left my full-time career in healthcare to find better harmony between career, family, and self-care. We believe you can have it all. Yes, you can launch and run a successful scalable business while maintaining harmony in all aspects of your life. We believe we can learn from each other and draw on many experiences to create the best life possible. During each episode, we will share proven life hacks that will keep you on top and striving every day.

There should be no hesitation. Make a plan. Take action. We are here for you!

Sophia Noreen: Hello everyone. This is Laura Hargraves. She's a CA sprayed photographer, and mother of four. Yeah. And welcomed her new baby boy in September. 

Laura Hargrave: Yup. A happy little ball of Chubb. He's adorable. 

Sophia Noreen: So Laura has also started her agency. I'll call it an agency. How do you refer to it?

Laura Hargrave: So, and missed all of the chaos of a new child and running a photography business. I've decided to also start another business as an ambitious woman. 
 
Laura Hargrave: So tying back to my roots, my finances. I am. I'm open to new business called financially organized.ca and yeah, we're a bookkeeping business for small businesses, creatives, makers, sellers, all these little niche areas.

Laura Hargrave: I really want to help them out. 

Sophia Noreen: So yeah, as everyone knows, Laura has been behind the scenes with also Sophia, which is our product-based business for anybody who's new to the podcast or wherever catching this episode. So Laura has been helping us stay organized as much as she can because everyone knows I'm a hot mess when it comes to just doing stuff.

Sophia Noreen: So we have a few people now that I've been fired a few times from this. So essentially Laura and we have two other team members that are need even the money, right, Laura. But today Laura has come on here because she wants to help you guys save a little bit of Moolah in your business and give you some tips and strategies.

Sophia Noreen: So I think I'm going to hand her over the mic and she's going to lead us through her four tips on how to save you more money as a business owner. Is that right?

Laura Hargrave: Yeah. And this is just good for anyone in general, you don't even need to own a business. These are just kind of little personal things. That I think that'll make a big difference and you can do really quickly and save yourself some money. And the best part is we can use Sophia Noreen here as an example, because I know her so well. We can pick apart all of her bad habits and tell her how she can save some money to. 

Sophia Noreen: Exactly. And so, again, anybody who's new to the channel or to the. Laura has been my best friend since we were six years old and I don't want to give away our ages, but it's been a very long time. So she knows me in and out and she knows how crazy it can be when it comes to spending money. When it's something I like to spend money on. So this is going to be great. And before we go much further, I'm going to prompt everyone to go ahead and click the links below and follow Laura on all of our platforms, all her financially organized platforms and her personal platform. If she chooses to put it up. And I'm going to hand it over chairs. So go ahead, Laura, tell us the four tests. 

Laura Hargrave: Okay. So number one, check your subscriptions. This is a biggie because a lot of us sign up for things. And then, you know, unless you're in the books every week or month on a continual basis, things just get renewed automatically. And then suddenly a year later we're going, I still have that. also as, you know, things go up in price. So I don't know if you noticed the most recent price increase for Netflix, but I was a little shocked when I saw it come through. I think it's almost up to like $18 a month now. And it started out what, like $8, I want to say.

Sophia Noreen: In Canada. Right. Canadian dollars.

Laura Hargrave: Yeah. So these are just examples of going see, look at a monthly statement. What's coming out every month. Do you have three television provider streamers that you have, like, do you meet all of those every month? What if you do. Six months of one company and six months of another, or put it on hold for a while. I know like hello, fresh is another one that I'm guilty of. That's a food service that brings you kind of your meal to pre. And you really got to watch because if that gets rolling along, it could be pretty expensive if I forget about it and don't have it set up. So such an easy, way is to go through that monthly statement and see what you've got there even annually. I know some things renew annually. So, it's a great practice to just go through your business and see like, do you have. a storage costs and sort of look to what they're offering now. Like is that package what you need? Is it comparable to what you want to pay? Is there another service that does it better for cheaper? Those kinds of things are so important and you could save some good chunks of money really easily just by putting things on hold or checking to make sure you're on the right subscription. So maybe you need to downgrade if you're not using something as much.

Sophia Noreen: I guess I should share my sad story around this. The Lord dumped into the books, and then I realized I was paying for a subscription. So what happened with many companies that they'll give you the option of pausing? Okay. That pause is a trick. I actually don't like that possible. So I paused. I was like, yeah, I guess I want to keep it. And then they started charging me for like two months and then I went back and Laura sent over the statements. What the heck I'm like, I didn't realize I was still paying 60 something dollars Canadian. It was like 49 of us. So do the conversion for this thing for the last two months, I think when you run a business and even your own household, there are just so many things coming through that it's easy to miss sometimes. Right? Those numbers. Would you suggest to put us on pause or would you suggest just to cancel it? Like, that's a really difficult situation that I wasn't. And if you had not looked at the books at that point, I probably wouldn't have caught it for like a couple more months.

Laura Hargrave: So I haven't I recently got into that I think is super helpful is using Google drive and spreadsheets in there and sort of using spreadsheets to track so many things in my life. And this is one of the things that you can do. Go through for the year track, every subscription you have, how much it costs you when it renews that kind of thing. And then that way, if you're kind of wanting to pause it, at least you sort of have it right there. I'd put a reminder in your phone. I do that as well for myself and say, check on HelloFresh next week or upcoming renewal for my web host or something like that.

Laura Hargrave: I put those sort of reminders in my phone, but then I also have the gigantic list in Excel or like your spreadsheet on Google drive there. And I just think it's helpful because too, if you want to save some money, seeing it in its entirety really helps you to say, okay, do I need all of them? Especially for me in the photography industry, the programs are becoming more and more robust as you go through, like somebody who used to maybe just do one aspect of our photography is now offering multiple areas for the same price that I'm paying. So I can probably cancel the other service that I had doing that before, because this guy offers all in one. Right. It's kind of helpful to sort of like, that's why I like the spreadsheet approach is to kind of be able to say, okay, Yeah, I have this, what do they offer? And then it just gives you that sort of chance to really organize yourself and see where you might be able to nip and tuck there some money. And it makes sense.

Sophia Noreen: That makes sense. Basically getting all of your expenses down on a spreadsheet and then specifically the subscriptions and manage them that way. So even if we hit pause, then you're reminded to come back to it later. 

Laura Hargrave: Yeah.

Sophia Noreen: exactly. Put in your phone, I guess, instead of there's an alarm.

Laura Hargrave: Okay. So number two, I love this and I'm ruthless with this. I've been doing it since my early, early twenties. So take a look at your fixed. Things like insurance, cell phone bills, those kinds of things. Everything is negotiable. I know it does take some time. It takes a little bit of work, but honestly, you can save a good chunk of money. So insurance companies are there generally. They're just going to renew your insurance contract every year. They're not saying, Ooh, where could we save for some money? How can we like it? Like they don't care, right? So you need to call your broker or you need to call your agent and say, Hey, I see my business plan is coming up for renewal, my car insurance, my husband, friends, whatever it is and say, I want you to shop around. I want to make sure I have the best price or maybe look at your deductibles. We recently did that. We went through all our vehicles and all our assets and said, okay, what's the most appropriate deductible for us today. And also some companies have like a reverse deductible where like, if you have so many years without a claim, they'll start to like take your deductible down. So that's a good way to save money. So just asking the questions of your broker, because that's technically what they're there to do just so often they don't do it unless you ask. So it's definitely worth making a phone call. It is a little bit more work, but I guarantee you can probably find it. To save some money. And if not, at least you're feeling like organized and understanding of what it is you have and what you're paying for. Right.

Sophia Noreen: And when you signed the contract, aren't you obliged to stay with the company for one year? Or how does that work? Like with.

Laura Hargrave: Yeah. Yeah. Usually you stay within the year, but then once it comes up for renewal is when you can start a search, a shop around kind of deals. Other thing that I've recently come across, and I know this is a big area where a lot of people spend a lot of money is cell phone bills, and there's a lot of competition out there and there's a lot of. I've noticed in the last year or so previous to this small business plans on cell phone providers didn't provide any savings versus just being a person like me, just walking up, say, Hey, I want a cell phone. Instead of saying like financially organized is the cell phone holder, but I've actually noticed that the last year or so. They've made huge improvements for small business. So I definitely recommend that's worth a phone call or making a note on their website. I think I saved $75 a month off the hop from switching it to a small business plan. And then of course, like I have my husband on it and you can add other family members as well. But also keeping an eye on that. So I went into my online bill the other day and sort of looked at the plans and what they had available. And you can actually more often than not get more data for less money because as time goes on, right, they tend to offer more and more for less. And so I had been enrolled in a plan from like a year or two ago, and then I'm like, oh, I can be paying less than getting more. So that's one of those things to go in and check periodically. Like maybe again, that's putting a cell phone reminder every six months or one year, like check out your phone. Because you can save huge amounts of money by staying on top of that.

Sophia Noreen: And contracts like that are billed monthly as well. So again, that's somewhat like a subscription, but these are locked in plans that you would have for the year. For instance, The cell phones tip is amazing. Like that's what we did too, is we switched from a personal cell phone over to a small business. So I know many individuals listing are business owners. So do check that out. Don't wait, because I think you can do that pretty quickly. If you're not on a contract with your personal.

Laura Hargrave: Yeah, we've been buying our cell phones outright. The last few times. I just find that that gives you a little bit more planned flexibility, right? Because once you're locked in without buying the cell phone and you're sort of locked in that plan, there's not much you can do to save, but definitely buying a right gives you a huge advantage to being able to like bounce around to whatever meets yours.

Sophia Noreen: Yeah, for sure. That's a very good tip. And then setting up a phone reminder, alarm and calendar, invite yourself to be like a mini checkout on my bills this afternoon. For example, that's what I would probably stick it in my calendar somewhere.

Laura Hargrave: Yeah. So I know, like for instance, my insurance renewal. Comes up in may. So every April 1st I put in my phone, like call insurance company, just to kind of give you that like buffer room, but then also some negotiation, knowing that you're renewing within the next month or so. Right. So, okay. Number three tip Noreen is going to love this. So points programs, I've been a huge fan of points programs for so long. That's kind of like a little perk and it also saves us a bunch of money. So it's definitely worth investigating and comparing among the banks who offers the most points per buck in that sort of. But you get some sweet savings out of it.

Sophia Noreen: So you're using your points really for luxury, I suppose, like the vacation, which is great in our situation, we have Amex gold and we're likely going to switch to MX platinum because they're really great at letting you buy or put your points towards purchases on your card. And when you're in a startup situation and you're really heavy on the expenses because purchasing products for the also Sophia brand and just like your husband, Laura, he has. I guess the materials for his customers, you can start running a little dry in the bank account here and there. So I literally will use a lot. I mean, I've availed all the points right now for purchasing a product. And so I'm going to drop a link below the video or in the podcast. If you do want to check out Amex gold or platinum, because. I find that there it's a pretty healthy return. You do have to pay for the card, but again, it pays itself back because of all the points and it's a charge card. So you have a huge, huge limit on your card if you need it to purchase.

Laura Hargrave: Yeah. And that's the other good point? So a lot of these credit cards aren't free. Actually. I think every points card, pretty much you do pay for it. But again, that's something that you need to consider in your situation. So if the card is $150 a year, what am I getting back in points in the year? Does it make sense to have it? So for maybe my photography business, not so much, you don't purchase a lot of items. So for me, I don't have a points credit. So kind of comparing those things like, okay, is the $150 costs going to get us $1,400 worth of free flights, like no brainer. So those are the kinds of things that you want to check out when you're making that decision. But there's some good opportunity there. Okay. And then the last money-saving tip and Sophia Noreen here, I think this is like right down. Your alleyway is co. T you know, beverages. Right. Okay, go ahead. What do you guys say with the coffee? Okay. So you go through the Starbucks drive-through and you're probably paying, I know you don't, but many people do, right. We're going through those Starbucks drive-throughs and I'm thinking like $6 probably minimum. I've been to a few gourmet shops around here. That's the same sort of average cost for a latte or whatever your fancy is. And again, go back to the loyalty program. If you can, if they have something like that available. But pick your own stuff, make your own drinks. It is not hard now to get accessible, amazing drinks, right? Like hot drinks. You can make your own lattes and cappuccinos and espressos. It's not hard to access those things anymore. There are so many great machines out of there that you can get. So even if you're spending and splurging for that and espresso machine, you are benign.  Or whatever it is, your favorite macho brand at home, it's still going to be cheaper than you driving there, going through the drive-through and whatever. Like you're saving money by doing it at home. So, you know, now I'm just in the habit, like even Tim Horton's, you can buy the tea in the. And take it home. So you're not paying like every time you go through, right? Like the baggies, like if you'd like, like, if you love their tea and you want their tea, like you can buy a box of it and take it home and do it yourself. So anytime before hockey or whatever like that, I don't go through the Tim Horton's drive-through. I just make it quickly and head of the door with my Yeti and I'm happy and good to go. And I probably saved myself a dollar 50 in the process and Starbucks. You're saving yourself. Four or $5 just by having a machine at home.

Sophia Noreen: That floors me as well. Now I already told you I don't like drive-through, so that's not me. And so yeah, I do the instant coffee at home, which is the saddest of all of the coffees. I know. And I have a very. The machine and the home that my husband uses, I refuse to learn how to use it. I am not doing any grinding or panting of any sort of grinds that I'm half asleep, but I think that's a great point. I think it goes along the lines of saying, what have we been conditioned, habitually to do because of the society we live in and it's a lifestyle, right? My kids showed me a video of YouTube. And he was making fun of Starbucks and he's a younger guy. He was like in his twenties and he was making fun of the lifestyle and Starbucks and how frustrating it is even just a good app and go to the lineup. It's so long, the Wayfair coffee. I think if you're looking to save money, then those are quick fixes. And if you multiply by six times 20, so you go 20 times, what is that?

Laura Hargrave: So easily by doing it at home. It's amazing. Like, I think back to my early twenties, when I had to work in every day, I stopped by the coffee shop or whatever, grab it on the way to go. And now I don't ever go at all because I can do it myself at home and it saves me so, so, so much money.

Sophia Noreen: So ut that money towards something else. We got 120 towards. Buying your favorite equity in a company and that's all into stock investing, which we won't talk about it today.

Laura Hargrave: Yeah. We're not talking about spending today. We're saving. So those are my four tips. So go through your subscriptions. Go through your fixed contracts, like insurance, your cell phone bills, the things that you pay either monthly or annually, just have a quick peek and see where you might be able to connect with someone to get a better deal, take advantage of those apps and the points programs because I definitely think they are so worth it. And lastly, watch what you're drinking there. Don't pour the dollars down the drain. 

Sophia Noreen: Okay, those are amazing for types. We are going to, of course, put them in the show notes. So you guys can screen capture and act on every single one of those tips, put them in your calendars. And we will link a few more things like a couple of the programs that we spoke about during the show. And Laura has started a brand new agency. So if you need a bookkeeper, go ahead and tell us a little bit more.

Laura Hargrave: Right now we're offering virtual bookkeeping services. Lots of record-keeping and data entry and some analysis. We're also offering financial organization reviews. Maybe you're a DIY or, and you like doing your own recording, but you're not so sure about a few things. You have some questions or you want to make sure you're doing it efficiently, or you want to get set up on a certain sort of workflow. And you're not sure how. That's where we sort of step in and we can also offer those services for you as well. 

Sophia Noreen: Fantastic and make sure you follow her account. She's dropping some amazing pieces of advice weekly. I think the lawyer pretty consistent that is explaining. And you know how we say, guys? We always say you have to make a plan and take action. So make sure you do make a plan and take action because money is extremely important. I'm learning. I don't think I'm doing too badly, but I could have been a lot worse of Laura had not been around to help me through it. So if you need her services, you are creative. Make sure you reach out to her. Okay guys, I think that's it. Laura, do you have anything else to say to our listeners?

Laura Hargrave: No. Thanks for having me. It's good to finally be back you better.

Sophia Noreen: All right. All right, guys. Thanks again. Remember, make a plan and take action and yes, you can have it all.

Sophia Noreen: We'll talk to you guys next time. Bye. 

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