5 Things You Never Knew About Saving Money

moremoneyI thought I knew a fair amount about how to have healthy finances. I know how to make money, save it and spend it…so what else is there to know? Apparently a lot! A fellow blogger and friend, Scott Gamm, just wrote a book called “More Money Please: The Financial Secrets You Never Learned in School.” And he’s only 21! Yes — that’s right!

The book is written from the perspective of a college kid who knows more than most about finance. Scott started a blog called HelpSaveMyDollars.com for young people to get their money issues under control. Many people struggle to save and often run out of money quicker than they make it.  Anyway, this book is geared towards 20-somethings, however, I think people of all ages, including parents and professionals, can benefit from reading it. Here’s some of what I learned:

  • Bribing Yourself Works: Scott writes on a card how much he wants to save and puts it in his wallet. Then when he’s tempted to buy something he is reminded of that vacation he’s saving for. 
  • If You Want More Money…Just Ask: Call any of your utility companies and chat with them about about lowering your bill. Scott says asking for a “loyalty credit” can put between $100-$150 back in your pocket.
  • Outsource Your Savings: Automating how much money you save each month will make it easier to save more. You won’t even miss it after a while.
  • More Retailers Accept Mobile Coupons: Apps like Yowza!!, CouponSherpa and RetailMeNot will save you lots of cash when you’re on the go. Love that!
  • On Sale Isn’t Free: How many times have you bought more of something just because it was on “sale”? I do it all the time! Turns out it’s not as smart as you might think. I get tricked a lot by this advertising tactic to buy things that I don’t really need or want.
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