It’s not a secret that the wise ones among us save money for their future. Those who stow away savings can be among the more healthy and vibrant people we know in old age. Think about the opposite for just a moment. If you saved little to nothing throughout your life, then the golden years would actually be quite bleak, and less than golden.

I’ve heard some say that savings won’t matter because you’ll be old. The average person lives to be into their 70s and the average retirement age is a little over 65. This means anywhere from five to fifteen years living off what we save now and our social security. So even if you save a little from each pay day, your golden years will not be limited by shortsightedness.

A MoneyCentral article written by Liz Pulliam Weston describes the best advice on saving money. The money saving tips come from MSN’s money forums. They are some choice nuggest like "Pay yourself first" and "Think of the true cost." All of the advice was sound, but the one that stuck out to me as the most useful would be to "Pay yourself first".

Practicing Paying Yourself First

We likely pay a mortgage or a rent payment every month. We regard this money as sacred, right? When we calculate how much we’ll have to spend on groceries, gas, and entertainment we’ve already subtracted out the living space money. We don’t want to be living on the street afterall. We have to pay it. This should be the type of committment we have towards saving money.

How do we get to a point where paying 10% of our income to a personal investment becomes necessary? I like lists, myself. I write down the reasons why I should do something so I have a reference point when I don’t want to do it later on. You could create a list outlining why you should save ten percent of your earnings in a monthly period. Or you could try any other way you deem effective — whatever the case, save the money.

If we pay ourself ten percent of our income over a thirty year period, that will account for a large chunk of money. Who wouldn’t want that?

Discussion Questions

• How do you stay on track with savings?
• Do you pay yourself first?

You may have been driving to work lately and noticed the increasing number of scooters and mopeds on the streets. If you’re looking to save money on gas, then you’ve probably thought, ‘Maybe I should get one.’ Maybe. Maybe not. A scooter is not different than a more powerful motorbike, so you should probably consider the risk too. Let’s take a look at some reasons to stay away from this money saver.

1. A scooter doesn’t necessary mean a cheap ride. Buying one can run you $1,000 to $3,000, if you buy it new. Not much, but when you’re keeping your car it’s still an added cost. It would take a few years of driving it regularly to really see the financial benefit. This is not to mention it adds a vehicle to your insurance policy. If you’re over 25 this won’t likely cost too much.
2. It’s a motorbike, and therefore has the dangers of other motorcycles. It also has the responsibilities. You would need to get a motorcycle license, passing the test and all.
3. You’ll need accessories like a helmet. It’s not safe to go unprotected on a major street with lots of traffic. Many states have laws requiring helmets. These things aren’t cheap either.
4. It can become a lifestyle, even leading to more heavy duty motorcycles. The money saver may prove to be a money pit if this is the case, although this could be very rewarding.
5. It obviously has limited cargo room, so if you’re going to use it to and from work, make sure you never take more than a bagged lunch, or plan on using a backpack to tote important documents.

Of course, inclement weather means the scooter will have to go in storage, but come the summer months it should be ready to roll. A scooter or moped is not for everyone, but it can be quite the money saver.

Do you own a scooter? Does it save you money? Do you have any stories to share?

I received a call this past week while in the office. The person on the other end of the phone was jovial, charismatic, and selling me something. I could tell by their introduction and approach. Something in me shut off at that point. I have an aversion to buying or being sold anything over the phone. I’m more of a research and then make a decision type of consumer. This person, though, was selling me stock opportunities — critical financial moves he felt could make me significant returns. I let him know I probably wouldn’t take his advice, having only talked to him over the phone and not having a face-to-face with him. He hung up.

This story is not unique. Millions of Americans have been looking for ways to invest their money with the help of strangers. These financial professionals take the money we earn and put it into stocks, bonds, mutual funds, and IRAs. We often times give them our money with only a small amount of research. Although it is true many of these professionals have our best interest at heart, we should still be organized, informed, and ready to move our money if need be.

An IRA makes sense for a certain amount of annual investment. Mutual funds also provide significant returns if done correctly. It’s important to diversify as well. Don’t let your money languish. If you’re really ambitious you could take five or ten percent of your investment and research stocks to buy and sell through sites like E-trade. This is not for the faint of heart, and you really need enough time to do the due diligence on the stocks you’re purchasing. It can be a nightmare if done incorrectly.

Our future’s may be brightly lit with retirement funds and IRA earnings, but we really need to know where and how each fund and investment affects us now and when we cash it out. Where does your money go? Do you know all you need to know about your investments? Do you have a financial professional to consult?

A recent MSN Money article discussed some areas where consumers can save a little bit of money each month. A good saving strategy would have you look at your current monthly bills and find a way to cut them without sacrificiing any quality. For instance, we’ve talked at length about saving money on groceries. The article also goes to to talk about a few other areas where you and I can save money.

• $65 monthly by getting cheaper car insurance.
• $110 by optimizing its life insurance.
• $200 through smart food shopping.
• $35 in phone costs.
• $25 in bank fees.
• $65 by paying off credit card debt.

[Source: Consumer Reports]

We can probably find other ways to save money too. Like how much we spend on entertainment. What about renting a movie from a Redbox or Netflix service instead of paying BlockBuster or Family Video? How about the habits we can break to better our living condition and our health, like stopping smoking, drinking, or other extravagances? What about the gym membership, movie channels, cable TV, and even newspaper subscriptions? I suppose those things add to our quality of life and those listed by Consumer Reports still give us the base service, but for cheaper. Although I do think by finding alternatives for our entertainment we can save a lot of money each month.

So the article states you can save close to $500 a month by paying attention to where you spend your money. Of course, to save money on credit card payments, you need to pay off the debt. If your bank charges you, then you haven’t been paying attention — there are plenty of free chacking banks in the US. A smart food shopper might clip coupons, buy in bulk, and register for payback points at participating stores. It pays to pay attention.

The added $6,000 a year could be used partially for an IRA, to improve a home, or to save for your child’s education. Why not start thinking about the ways we spend our money today?

The Olympic Games opening ceremony was a tremendous show for all the world to see. No one can dispute the magnanimous production that showcased more than 15,000 performers and used up over 300 million dollars in production costs. The sheer enormity of that financial number should make you take a step back. It’s the most ever used on an opening ceremony, besting America and everyone else before Beijing. But is this typical of the Chinese? Aside from poverty issues, the country usually has a far different perspective on money than the US. I did a little digging to find out just how much of their money they like to save and how much they like to throw for lavish parties.

I came across a great article written on Chinese Money Habits. The article describes how the Chinese like to save and find being frugal a virtue. Do Americans find credit a virtue? I think so.

"The personal savings rate in China is incredibly high compared to the United States. According to this 2006 CNN article , the personal savings rate of Chinese households is 30% while Americans dipped into their savings that year. I know that my Chinese relatives regularly save 50 to 60% of their income and it feels normal to me that I save as much as them." [Source: WiseBread.com]

30% is a tremendous amount to save. The Chinese have it right, though. Imagine if you were to save 30% of your income a year. It’s not that hard to imagine. If you’re making 30K, then you’d be saving 10K. How many of us are doing this?

Learn to Talk About Money

It seems the Chinese also aren’t afraid to talk about how much they make. They talk about their salary and allow others to learn from their experiences. We can learn from each other if we talk about our finances. It’s why this blog works well, and the forums too — you can feel free to comment without others thinking you’re bragging.

The Chinese have pulled off a truly spectacular opening ceremony, spending money like crazy. We can learn a lot from the Chinese financial views. Now if we can just start to save closer to 30% ourselves. How much do you anticipate saving this year? Will it come close to 30% of your income?

The month of August marks the downward cycle of Summer and the beginning of most Universities fall schedule. In many college cities around the US, students will embark on an exciting journey of education and freedom, but some will also find they become strapped for greenbacks amidst a multitude of ways to spend money. This article may help some students find their way financial way through the first semester.

1. Buy Textbooks Online - The first place to save money comes with the books you need for classes. You can find great deals online for many of the books you’ll need for class. Of course, it might take a little while for them to arrive, but who needs to study? Most sites like Amazon, Borders, or Textbooks.com provide clear delivery estimates, taking the guessing out of when you’ll receive your Bio 101 book.
2. Buy Pizza Online - Of course, pizza comes with most college diets. It’s the college cereal of choice. If you haven’t been flipping pizzas in a hut over the summer, then you may not know you can order many of your favorites pies right online. Papa Johns, Pizza Hut, and Dominos all three have a made to order online service. Many of the online pizza makers also give you great deals when you make your first order online. Just remember to use coupons through the site to save money on future pizza cravings.
3. Forget Credit Card Tshirt Offers - Outside your the college football or basketball stadium, you’ll likely come across an MBNA or Chase booth offering you a proud tshirt of your University. The Flying Squid tshirt looks promising, but having a credit card may dampen more than you first year of college. Many of these credit card companies give out debt to college students, knowing they’ll be making money in a few years. It’s kind of like a fishing bait store giving out worms, then demanding all the fish you catch. Don’t do it. Use cash, and for everything else — ask your parents.
4. Flaunt Your Status - Many campuses have restaurants and stores begging for students time, and, well, money. They need it to survive, and you need stylish clothes to impress your classmates. They usually have student discounts when you shop there. This can include clothing and food stores, but make sure you’re actually receiving a discount before buying three to get one deal. The Flying Squids survived without all your school spirit.
5. Make Use of School Resources - Many campuses have wireless internet available for student use, just don’t be downloading off Limewire. You don’t want to end up on the short end of a lawsuit. That’s the quickest way to lose money. You can also use the plethora of school computers to print assignments and to even do the homework. It’s not like you want to buy a brand new laptop, right?

We know you love the extra money for your tank, so we’re running another $25 Gas Card Giveaway Contest. Again, there’s two ways to win, but we’ve changed it up a little this month. Be sure to read the instructions, and for those who signed up to our RSS feed previously, you’re automatically entered into this month’s contest.

Contest Rules:

The rules are simple. Each visitor has two ways of entering the contest.

1. 2 Entry Tickets: Link in a blog post on your site the words "save gas articles" with the following link: http://www.savemoney.com/transportation/gasoline.html. It should appear like this: save gas articles. 
2. 1 Entry Ticket: Subscribe to the Save Money Blog’s RSS feed via email. The signup box on the right column makes this process very simple. Only verified emails count - so be sure to respond to the initial email.

Each person can gain up to 3 entry tickets!

On September 1st we will tabulate the contest entries, assign a number to each one, and visit the random.org number generator to select the winner. The winner will be mailed a gas card for $25 or given an equal amount via Paypal. Anyone in the world can win, just follow our easy steps to enter today!

The July $25 Gas Card Giveaway has come to an end. There were two ways to enter, by subscribing to our RSS feed via email or by posting about the contest on your blog. The latter method netted the lucky winner two entries and resulted in their name being drawn.

There were a total of 168 entries. We gave each person one line in an excel document, in the order they came to us. To obtain the winner we went to Random.org and ran the random integer generator on a set between 1 and 168. The lucky winner?

164

Zalukhu runs a blog named AllAboutContests.com. He wrote this lucky post to net him a $25 gas card.

To all of you who didn’t win, you can enter our August Gas Card Giveaway Contest! Every email subscriber automatically receives an entry, so don’t unsubscribe. We’ll explain the details for the new contest in a post real soon.

Again, thanks to all who entered and we hope you liked the opportunity to save money on gas!