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.  Although his book is geared towards 20-somethings, 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.
  • 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.
  • 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.
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