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A Penny Saved . . .

and you've taken your first step to starting a business.

This story appears in the October 2002 issue of Entrepreneur. Subscribe »

You and your spouse both work, and you're barely making it--how will you save money to start a business? We asked David Bach, author of Smart Couples Finish Rich (Broadway Books), to share some money-saving tips:

  • Take a close look at your expenses. Keep track for a few months to see exactly where the money goes. (A program like Quicken or Microsoft Money can help.) Divide expenditures into fixed (every month) and variable (change from month to month). "Go through it, almost with a knife, and figure out what you can cut," Bach says.
  • Reduce spending. If one person quits working to start the business, you'll only have one income to work with. Practice living on that one income now. Things like switching from "super cable" to basic cable can save you from $50 to $80 per month. Clip coupons and buy generic-simple changes add up.

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