Another myth is that by waiting to pay off an item saves you money by allowing the money to earn interest in the bank. There are times when you can pay something off, but you hesitate because you're earning interest on your savings. Meanwhile, that savings is going to be taxed at your tax rate at the end of the year, thereby losing for instance, 15% if you're in that bracket. By using your credit card and paying the balance off, you're receiving points for that purchase and you can put the money back monthly. This is if you have the money to back you up and you will pay that off at the end of the month. It's better to borrow from yourself and pay it back the same way that you would have paid it originally.
This may seem like a little item to save on, but it's not. It's usually all of the smaller day to day items that costs us. Also, not transfering money to a saving account before 2:00PM on Friday and instead waiting until Monday loses you 3 days in interest.
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