Five Money Myths that Trip Up Homeschoolers by Carol Topp, HomeschoolCPA.com
Myth # 3: It was on sale; I saved a lot of money!
Tip: If you buy something on sale, put the difference in a savings account.
Here’s a story:
Mother had decided to trim her household budget wherever possible, so instead of having a dress dry-cleaned she used Dryel in her dryer. Proud of her savings, she boasted to her husband,
“Just think, Fred, we are $20.00 richer because I dry-cleaned this at home.”
“Good,” Fred quickly replied. “Clean it again!”
Truth: Money is not saved unless there is a deposit into the bank!
Ask yourself: Is the sale price a good value?
My daughter was looking at an audio book catalog with deeply discounted prices. “How can they sell these audio books so cheaply?” she asked me. “The original price was $500 and they’ll sell it for $150.” Perhaps, it never sold at $500 and it’s only worth $150. Is the $150 a good value?
Tip: If you buy something on sale, put the difference in a savings account. Use the savings for future homeschool needs.
Paying $500 for an audio book might make you think homeschooling is expensive, but that’s also a myth…
Two more money myths from Homeschool CPA Carol Topp coming up in the days ahead…make sure you don’t miss a single one!
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