Run Your Business Like You Run Your Finances

I was emailing back and forth with a reader and this came up:

“My work wants me to get a smartphone, which is great. They’re willing to pay for it, but are being such a pain. Instead of simply paying me $35 for the increase in cost of my current plan, they are making me get me a whole new plan, which costs around $75. What a waste!”

Um, yah! He’s not the only employee in this position, so the company is spending a ton of extra money on phone plans because of some silly bureaucratic practices.

The way I define saving is when you pay less for an item that you were prepared to pay for anyway. I am not impressed with people who get save $900 on a tv but spend $2,500 on it. How much you spend on an item is far more important than how much you save on it.

This reader’s situation is exactly what I call a waste. The company could get the plan for $35, but instead has rules that require it to pay a $40/month premium for each employee.

I’ve heard of people running their finances as if it were a business. In this case, it should be flipped. If businesses made saving a priority, there would a lot more waste.

Readers, what bureaucratic practices make you go crazy?

4 Responses to Run Your Business Like You Run Your Finances

  1. Everyday Tips says:

    My husband’s cell phone through his work was exactly the same. He has to pay 25 percent of the bill, but I could get a much better deal on his phone through our family plan than the ‘corporate plan’ that he has to abide by. I wonder who swings these bad deals on the company’s behalf?

    I also despise our health insurance that is through my husband’s work. We have to pay about 650 a month and the coverage is awful. I wish we had a greater variety of plans, but we are very limited.

  2. Jenna says:

    I’ve heard of this before. Seems kind of funny that businesses would want to spend MORE money on new cell phone plans rather than just adding to a plan. Not to mention some companies want you to carry around their cell phone and their personal phone. That would be a huge pain!

    • Daniel says:

      @Jenna, I know, right?? This person’s solution is to forward all calls to his work phone. With relatively few calls it’s not a problem (and if you’re on the same network), but piling a lot of extra minutes on would be!

  3. Barb Friedberg says:

    This is typical and so wasteful. To add a bit of levity, the Comedy Club I visited this week-end had a comic talking about how much cash his wife saves by shopping at Kohl’s, even though she spent $400, she saved over $900. The comedian went on to say at this rate they would have a new car soon with all the cash they were saving at the store! :)
    The point is, “what are you spending?”

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