Catching Up With Your Questions

I'll be speaking on behalf of the Young Adult Ministry at Greater Mount Calvary Holy Church, 610 Rhode Island Ave. NE in Washington. Again, I'll be reading from "Your Money and Your Man" on how to balance love and money.

The event starts 7:30 p.m. in the Kristal Room. For more information call 202-529-4547 ext. 216. You can also e-mail info@calvaryelect.org.

Money Myth

I came across an interesting list of myths when dealing with savings at http://www.savingadvice.com/. Here are a few myths that need disspelling, according to this site:

MYTH: If I buy something on sale, I'm saving money. If you purchase something on sale, you are paying less than if you purchased the same item when it was not on sale. This does not automatically equate to saving money. In order for the savings to take place, the item that you purchased on sale must be something that you would have purchased at some point at full price. Then the savings from the sale purchase must not be spent on something else. Since this is rarely the case except for those who have a system set up where the savings from sale items goes into a specified savings account, in most cases purchasing something on sale doesn't equate to saving money.

(Let me add one of my personal money mantras to this commentary: You never save when you spend. That's what I tell myself when I think I'm getting a great bargain. You might spend less, but you aren't saving when you have to save money.)

MYTH: If I made more money, it would be easy to save money. Merely making more money than you currently do does not equate into more savings. If you make more money and you don't increase your consumption after the raise, then you have the opportunity to save money. The truth is, however, that most people quickly increase their consumption with an increase in pay, not their savings. To increase your savings, you need to have a money saving plan already in place before the next raise occurs.

To read more myths, go to http://www.savingadvice.com/forums/showthread.php?t=4985

If you're wondering whether something you've heard is a financial fact or fiction, send me an e-mail at colorofmoney@washpost.com . Be sure to put "Money Myth" in the subject line. Comments from experts on financial myths you've helped dispel are most welcome.

You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested.