I 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.