Note: This guest post is from Jodi Segal of Big Change Consulting. Thanks, Jodi!

Yes, raising money is hard work. As all fundraisers know, retaining your current donors is easier and more profitable than recruiting new donors.

At the same time, saving money is better than spending it unnecessarily. When you stretch your dollars further, you’ll have more funds for your mission, plus an effective message for your donors: their contributions are being used efficiently.

When you think about saving money, what are you missing? Here are six ways your organization can reduce costs.

1. Evaluate your banking relationship

You deserve a responsive business banker who looks out for you. Ideally, they review your accounts annually to figure out if you’re getting the most from your bank.

Do they offer helpful new services or types of accounts? Are you paying for a service you no longer need?

Consider different ways to earn on your savings. When interest rates are strong, you may be able to negotiate rates for your savings accounts, especially if you’re willing to change banks.

Maintain a strategic balance in your checking account, leaving the rest in savings. Consider a “sweep” account that will automatically transfer funds between checking and savings to maximize your savings balance.

If you make a one-time mistake, ask then to waive the fees. Banks will often forgive a late credit card payment or requests for old statements. Also, choose electronic banking to reduce bank fees.

2. Earn more on your spending

Use a credit card that earns benefits. Many banks give one percent cash back on your credit card purchases.

Be careful to find a card that does not require employees to act as guarantors, and also allows individual cards for each staff member. Last time I checked, major credit card companies don’t offer cards to organizations without a designated business owner, and therefore aren’t a good option for nonprofits.

3. Avoid state and local sales taxes

Your state or locality may offer a tax-exempt certificate you can show to vendors as proof that they shouldn’t charge you tax. Most major retailers and service providers, including Amazon, offer tax-exempt programs that will automatically suppress taxes on your invoices or will refund them for you.

It may be worth looking through your major expenses and seek refunds on sales taxes paid this year. You may still be required to pay other types of taxes, such as hotel, meal, and gasoline.

4. Ask for discounts

Always ask retailers and service providers if they offer nonprofit discounts, because many do. Even when they don’t, they might help you get the best rate.

Techsoup is a fantastic resource for discounted software, sometimes offering services and products for pennies on the dollar.

5. Use rewards programs

Perhaps your personal life, like mine, is filled with customer reward programs. They’re available to nonprofits, too.

Hotels, airlines, gas stations, grocery stores, office supply stores, and some service providers allow you to accumulate rewards to redeem later. Some offer business-level rewards you can use to augment your individual-level rewards, which multiplies your benefits.

6. Shop using rebate sites

Tons of websites generate shopper rewards. For example, evreward.com bundles rebates and discounts.

Also, your credit cards may provide special bonuses when you shop through their portals or patronize partner retailers.

Your time has value, too

Saving a few dollars requires an investment of time. If you use them diligently, signing up for the programs listed above is typically worth the effort. On the other hand, trying to save a few bucks at the grocery store probably isn’t.

Always ask: Whose time are we spending? If you deploy highly-paid or in-demand staff, you might sacrifice more than you gain in discounts.

To sum it up: Be strategic, not obsessive.

When in doubt, raise more money

I’ll finish with a quote from author and consultant Kim Klein. “Most people’s instinct is to cut expenses rather than raise money,” she wrote. “Resist this impulse as much as possible.”

Yes, you need to steward your money carefully – while also being a fearless fundraiser. If you want to build a financially successful, sustainable organization, embrace both aspects of the work.