My wife is a good shopper. On major purchases especially, she does her homework and makes sure that we always get a good price. She saves money by shopping online as much as possible. She buys fruits and vegetables at one grocery store, and paper goods at another. And she’s pretty good at finding sales when she buys clothes.
But although she is a good shopper, she’s not a great shopper. She doesn’t count pennies, she doesn’t clip coupons, and she doesn’t drive miles out of her way to save a dollar or two.
And that’s good because her time is valuable.
Now, how about you? Are you a good shopper or a great shopper?
I know attorneys who are good at keeping their overhead to a minimum. That’s good, but some attorneys go too far. If you want better clients, you have to have a decent office and clothing. It’s part of the deal.
I also know attorneys at the other extreme. They spend money needlessly. Ten dollars here, fifty dollars there, and before you know it, they’re wasting hundreds or thousands of dollars per month.
Every attorney should periodically audit their expenses. Do this for your practice and your home. Look for ways to cut expenses and lower your overhead. It’s the easiest way to increase your income.
Focus mostly on big expenses and recurring expenses. If you buy a new piece of software, it’s okay if you don’t get the best deal in town. But if you’re buying insurance or renting a new office, it obviously makes sense to invest extra time to find or negotiate the lowest cost.
But don’t spend too much time. I don’t want you to save 0 a month when you could use that time and energy to find ways to earn an additional ,000 a month.
Be a good shopper, not a great one.
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