All sage advise except with fixed interest rates at historic lows, lower than when your Grandmother gave her advise, the money you have sitting in your accounts that you would have used to buy the "toy" can be used to make money and still buy the "toy". So another piece of sage advise can be "money makes Money" but only if you allow it too.
I've now lived thru 6 economic bubbles and serious crashes, numerous housing booms and crashes and untold stock market bull and bear runs to know that 'cash will always be king' when push comes to shove. I've always come out of a recession ahead of the game.
