15 February 2012

Money Myth

Myth: Buying things on sale is a great way to save money.
Truth: Buying things on sale is a way to spend less money, but it has absolutely nothing to do with saving money.

So often people tell me they have saved X amount of dollars on a purchase. How wrong they are! All they have done is spent less.  Money is only saved when it is safely in the bank, in either your Emergency Fund, Peace of Mind account or a specific savings account (for a particular goal, superannuation etc), until then it is just not spent.

When you pay less than you expect for a purchase, bank the difference and you really will have saved money!

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