Top 5 money saving tips for Tradespeople

People can sometimes feel the pinch after the Christmas splurge and try to begin January by tightening their belt. We’ve put together a few tips to help you kick off the year on the best foot and set your sights on a successful 2023.

1. Taking care of your tools and equipment

Your tools are your trade, and good quality tools are not cheap. The higher the quality of the tool, the better it will perform and the longer it will last. We all know good quality tools and equipment aren’t cheap and they’re not something you want to have to re-purchase year on year. That’s why it’s important to take time out of your week to make sure you clean and keep them organised. That way, you’ll save money in the long run and your tools will go the distance. Why not check out our range of OX and Paslode power tools in our branches?

2. Use your van

Your van is a billboard waiting to be used, it’s your best form of advertisement, if you’re not using it, you’re missing out on a huge range of customer exposure. Stickers are relatively cheap and you can use them for your logo, website and phone number. This means you’re promoting your business 24/7 in a very cost-effective manner.

3. Audit your regular outgoings

It’s important to know where you’re spending your money and making sure you’re getting the best return on your spend. You should always be reviewing your outgoings and regularly checking how much your total spend is each month. Is there something unnecessary you’re spending money on or something you can cut back on? It’s always a good idea to check month to month.

4. Claim back all your expenses

If you’re a VAT registered business you can claim on all VAT for anything you purchase for your company. Make sure you keep a detailed record of all your accounts for when the time comes to fill out your self-assessment return. You can find out all the information you need on the government website. Expenses if you're self-employed: Overview - GOV.UK (www.gov.uk)

5. Buy in bulk

You’ll often find you can receive a heavy discount if you buy in bulk. So stocking up on materials that you use on a regular basis can really help you in the long run. As long as you have somewhere to store them, it will definitely pay dividends in the future.