A Penny Saved is NOT a Penny Earned
It’s believed that Ben Franklin coined the phrase (excuse the pun) “a penny saved is a penny earned”. However, this was BEFORE we had income taxes here in the United States.
Today, a penny saved is BETTER than a penny earned because you don’t have to pay income tax on it. When you reduce or eliminate an expense, you could look at every penny being equal to 1.3 or 1.5 pennies that would need to be earned before taxes.
Most people believe in frugality. They just don’t practice it very much.
And in any budget–be it for a company or an individual–there are always places to reduce expenses.
It’s a good idea to review your budget and expense in detail on a regular basis and look for things that can be reduced or eliminated. All too often, expenses creep up without us realizing it. In addition, we often become convinced they are really necessary. And sometimes we become attached to them.
Be objective. Act like you were taking over someone else’s budget and you HAD to cut 15%.
If you do this, you will find ways to cut back.
Sure you can make more money to pay those expenses and I encourage you to do that. But it’s incumbent upon us to be good stewards of our finances and keeping our expenses in check is part of that.
One of the ways you can easily save is to make sure you’re taking all the tax deductions to which you are entitled.
And one of the best ways you can do that is to use Eva Rosenberg’s complete 100% Home-Based Business Tax Solution. Find out more here.