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Entrepreneurs can salvage money by living frugally, according to Under 30 CEO

Published: Wednesday, June 27 2012 11:42 a.m. MDT

Zions Bank's executive vice president Rob Brough teaches kindergarten students about saving money. Remembering to save money can help entrepreneurs on their way to creating successful businesses.

Kristin Murphy, Deseret News

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Related list: Preventing failure and 11 other tips for entrepreneurs

At times, starting a business means seeing money diminish as you trial and error your way through an idea. However, entrepreneurs can salvage some money through living frugally.

Distinguishing needs from wants can help entrepreneurs to give up their luxury items, according to Under 30 CEO. Saying no to wants — like eating out — allows more cash to fund a business. Eating at restaurants for two meals each day can rack up $400 each month, according to the article.

However, there are some things that shouldn't be cut, like a gym membership, said the article. Kevin YU, COO of SpringCoin, said that keeping his gym membership helped him get through the week.

"Working 70 to 80 hours a week as an entrepreneur will push you to your breaking point," said Yu. "I can't stress enough how important it is to get your daily exercise. Getting out of your office for a quick run will clear your head and allow you to think more clearly."

Being frugal will help in taking steps forward in funding a business idea.

"Sometimes you might have to remind yourself why you chose this road. One of the best things of being an entrepreneur is being able to look back and tell yourself that you accomplished what most people could only dream of," said the article.

Email: ehong@desnews.com

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