Patience Saves You Money!!

If you read my post about my husband and my goals for 2009, you know that we plan to not do any impromptu purchasing. In order to save together and avoid any interest by using credit cards, we plan to-

1) Name the item we want to purchase
2) Research and estimate a cost
3) Set a budget timeline

Each month we will put away a specific amount of money in an interest baring account until we have reached our goal. Once we have the cash saved up to buy the item...obviously we will make the purchase. Putting the designated money into an interest baring account can help account for taxes, and in some cases, if you are really patient, you can even save more money than you accounted for the purchase.

And if you're CRAZY like me, you will 1) go through Cashbaq or Ebates to get money back, and 2) Use the CC anyways for cash back, but pay it off in full each month. (I will definitely make money off purchases by doing it this way)

I'm saying all this because I read an article HERE from TheSimpleDollar on this very topic. It's a great post, go read it!

~LR