You are not just a Notary Loan Signing Agent- You are also a business owner. This means when the economy shifts, or changes, it affects everything for you. It might seem, for some, that it is just higher gas prices and interest rates but everything else is going up too as a result! As a business owner, you may have to make adjustments so that you can ride out times like these. Sure, you could just bury your head in the sand and hope that it doesn’t last long- but what if things linger longer than you can keep your head buried? Last week we gave you Five Free Tips On How To Increase Your Notary Business. And this week we want to fuel that fire with:
Five Ways To Save On Cost As A Notary Signing Agent, Business Owner
Tip #1- Start With Your Home and Home Office
Call Your Cable/Internet Company, Cell Phone Provider, and Car Insurance and ask if there is any way they can reduce your cost. If you’ve been with them for one year it is highly likely there is room for re-negotiations. Shoot low and offer them your budget and tell them you might have to cancel if you can’t get within that budget.
Some cell phone providers offer discounts if you are a business (LLC) and you work in the Real Estate sector.
While you are on the line with them, go paperless. Many companies offer discounts for going paperless. We’ve seen up to $10 savings on bills just for going paperless.
It may be a little harder but often times discounts are also offered on how you pay your bill. Meaning some companies offer autopay discounts whereas others offer discounts if you pay a certain way (like echeck or card). They do this because they save money if you pay that way. So check on savings for payment methods while you are on the line with them.
If you aren’t able to find savings- explore other options. Car insurance providers are highly competitive as well as cell phone carriers.
PS- For this one, you still want Unlimited Data on your cell phone service as GPS pulls from data and Notary Loan Signing Agents use a lot of data!
Tip #2- Start Tracking Your Tax Write-Offs
Notary business owners can be worst at this, and that’s okay. Most of us were just trying to work for ourselves because we do a great job at what we do but were underappreciated. We don’t have that business training or HR reminding us monthly to plug in our receipts. As a business owner, you have to know what you can write off!
Notaries can write off mileage, supplies, oil changes, tire changes, office space, notary training, renewal applications, RON Platform fees, marketing cost, and more. Did you know you are even able to write off your Notarial Acts and deduct these from your Loan Singing Agent fees? This is definitely the year you will want to write things off on your taxes. These may not be costs that you can pass on to your clients but become a year-end tax deduction- and deductions add up for business owners. And, if you file your taxes annually you've still got plenty of time to go back and add up your deductions. Check out two Notary specific accounting software to assist you with organizing your taxes at: Notary Stars | Accounting Software
Tip #3- You Can Cut Expenses On Supplies Without Compromising Quality
Anywhere you shop for supplies will probably have a ‘Customer Loyalty program. Sign up for them everywhere. Staples, Office Max, and Office Depot have them and you can recycle your toner cartridges with them and earn extra points. Mrs. Beth earned over $300 in 2021.
V4Ink on Amazon is great for saving money on Toner & Drums. It carries most brands. However, since these are refurbished toners and drums you always want to buy an extra just in case you get a dud. Ronnie has used these for years and as long as you buy more than what you need (which is still less than the actual cost) it can help you bring down your cost of printing. The only downside is you can't trade them in at Staples since they are off-brand.
Team up with one or more of your fellow notaries and buy in bulk at Costco or Sam’s club. Split the cost and the product. Need to replace your electronics? Buy used or refurbished. We just did an entire training session on Team Work and the benefits of forming a local team (including cost savings).
Tip #4- There Are A Lot Of Ways To Save On Gas & Vehicle Maintenance
Use a credit card for these purchases that offer ‘cash back on that category. And, if you are not yet creditworthy for credit cards there are many programs out there nowadays that still offer cash back for purchases like Walmart. You can fund the new Walmart Card and use it online or in-store for up to $75 cashback per year. Or you can set up a Dave Account to help you grow your credit score, borrow up to $250 until your paycheck arrives, receive cashback on certain purchases, and also find a side hustle (yep, they have a whole section on that!)
For Gas, apply for a Gas-station branded Rewards credit card (think Shell or Mobile) and combine that with fuel rewards at a particular station. Most people don't know that when you enter your phone number at your local grocery store like Safeway or Fryes you are earning discounts on gas at the pump! Check out your grocery savings receipt to find out what gas station pumps you should enter in your phone number for more savings at the pumps. Or, you can use Apps to find the best prices in your community….GasBuddy, GetUpSide, Waze, and Walmart. Yes, Walmart helps you save at more than 1,200 gas stations as well www.walmart.com/walmartPlus/FuelBenefit.
Consumer Reports says to fill up early in the week as gas prices tend to be higher Thursday thru Sunday. Coast a lot more when you are driving….it doesn’t need to be just the gas pedal or brake pedal. Accelerating slowly also helps to save some gas usage as well as engaging the cruise control on the highway. Tire pressure also can affect your gas mileage so make sure you are at optimal psi for each tire. Use the right oil during oil changes and skip the 3,000-mile reminder. Most newer vehicles use synthetic oil and can go much farther than that sticker on your windshield. Check your manufacturer’s handbook for your vehicle. You might get more than twice the mileage between oil changes.
If you are able to change your car at the time going hybrid or electric might be a viable solution for you if you are in the Signing Agent industry for the long haul. And vehicles are also tax deductible!
#5- Luxuries Don’t Have To Go Away!
Groupon is an excellent way for you to save money on your personal life. You can often get hair, nails, massage, restaurants, and even get-away packages for up to 50% off for first-time customers. And, although you may not let a new hairstylist into your life you might consider trying new service providers for new things while you are trying to save money.
Try buying discounted gift cards. Gift cards to specific stores or Salon services and even visa cash cards can be had at a discount of anywhere from 2% up to 15%. It’s like buying money at a discount. Try www.raise.com, www.cardcash.com, www.giftcardgranny.com, or a directory of discounted sites at www.giftcards.com. Just wake up your spidey sense when visiting these reseller sites. Consumer Reports says to use the cards immediately lessening the opportunity for the original seller to use the value after it is transferred to you. Look for sites that offer a money-back guarantee.
There are still many ways to save on cost! These are just to get your mind churning!
The Notary Stars Team
7-24-2022