Michael on August 18th, 2008
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This week’s Carnival of Personal Finance by Everyday Finance once again features the best blog postings of the week.  (Well, at least those related to personal finance anyway.)  In addition to my article about how to Spend less eating healthy food, I once again am thrilled to make my one article per carnival recommendation.

Written by Not Made of Money, Stop Buying Stuff with the Payments Mentality is a must-read for anyone who has ever negotiated a new car purchase by focusing exclusively on the amount of the monthly payment or has thought to himself, “Yeah, $75 a month for that TV  . . .I can manage that” without in either case knowing what the true total cost of the car/TV was.  While Not Made of Money doesn’t go into the detailed perils of financing concerns (like a discussion of interest rates charged), it’s still a critical read because it challenges a common misconception that if you can afford the monthly payment you can afford the purchase.

Not so.

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