Entrepreneurs Share Their Money Saving Tips

By Ben Steverman - 2011-09-15T00:41:10Z

Thorsten Roth

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Ben Lerer, Thrillist.com

"I do a very poor job of saving in my personal life," Ben Lerer admits. In his role as co-founder and chief executive officer of Thrillist.com, a lifestyle publication aimed at men, Lerer says he's been far more careful with money.

One reason is Thrillist.com initially ran on Lerer's personal credit card, making him "more aware of how the company spends money," he says. Monthly bills could hit $75,000. Until recently, Lerer says he "micromanaged" spending, trying to create a frugal culture by restraining fixed costs, such as rent and computer purchases.

An extreme economy he now regrets was choosing not to buy an expensive phone for a conference room, thereby forcing employees to use the speaker functions on their own mobile phones. It was difficult to hear anything, so employees stopped using the room. "We used to cheap-out and delay the inevitable," he says.