My One Money Advice (MOMA)

by Mike Holman

I got tagged by BripBlap to give my MOMA or “my one money advice” which is supposed to be the one piece of advice you would give if you could only give one piece…luckily I’m not normally so constrained!

First of all, I wanted to say a few things about BripBlap which is one of my favourite blogs. It’s written by a New Yorker and covers all sorts of topics, some of which are financial, some not. This post totally changed how I read to my son and the choice of reading material.

That said – on with the advice! My advice is to make sure that when you are making a financial decision of some sort ie buying something, entering into a service agreement etc that you spend an appropriate amount of time researching and thinking about it. Some people will spend incredible amounts of time trying to get the best phone plan on their cell phones which might save them a few hundred dollars at best per year but they won’t spend any time researching the best ways to buy a new car. If you know what you are doing then you can potentially save thousands on a new car compared to if you went into the dealership cold.I’m not saying you shouldn’t worry about the cost of your daily latte or the price of bananas but things like houses, renovations, cars, investment costs etc are the big things that will affect you the most so you should spend the most time on those items trying to get the best deal. Cell phone plans do fit on the financial priority list but just make sure you know where it is on the list and how much time to spend on it.

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