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I am a homeschooling mother and Certified Public Accountant (CPA) combining my experience and knowledge to help homeschool organizations such as co-ops, support groups, music and sports programs. HomeschoolCPA answers questions from homeschool leaders on many topics such as nonprofit status, liability, paying teachers, tax exempt status and taxes.
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3:23 PM, Apr. 7, 2006
Money Myth # 2" I need..."
(view similar articles on Personal Finance and Taxes)
I presented Five Money Myths that Trip Up Homeschoolers last fall to a homeschool group. Myth 1 was "Just a Little More Money Will Solve All My Problems"
Here's Myth # 2: I Need …..
Truth: Wants are different from Needs
And my God will meet all your needs according to his glorious riches in Christ Jesus. Philippians 4:19
One of the basic principles of good money management is separating wants from needs.
Do you think that you just have to have a certain item (whether you need it or not) just because another homeschooler has it?
I heard a lot about a particular literature program from other
homeschoolers, so I thought I “needed” it for my daughter.
It was on sale, so I bought it, sight unseen. I also bought the
second year American Literature set because it was “on sale” and I
would “save” time and money (and I’d use it someday).
It turned out to be a big mistake. My daughter didn’t like it and
neither did I. Now it’s taking up shelf space until I can resell
it…
Here are some tips:
1. Don’t buy things sight unseen
2. Don’t buy more than 1 year of a new text/curriculum.
Can you add a tip about Wants vs Needs in buying homeschool materials?
I fell victim to the next myth: Buying because it’s “on sale”
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