My One Money Advice (MOMA)
Gather Little By Little tagged me on a meme (I need to look that word up) to ask “What is your one money advice?”. Apparently, Moolanomy is keeping track of these things. I’m not sure I can summarize all of my advice into a single statement AND make it different from the 40 or so other bloggers, but I’ll give it a shot:
The MOMA Meme question?: If you can give one advice, tip, or story related to money, what would you share?
My Answer: If you can’t afford it, don’t buy it.
And I don’t mean “can’t afford until your next paycheck”. This goes for the little things like throwing a pack of gum on a credit card, to buying a house with a payment that leaves almost no breathing room, and even having kids. In reality, buying anything with a loan means you can’t afford it, but loans make the world-go-round.
If you’re living paycheck-to-paycheck, you probably can’t afford much of anything until you get yourself out of your spending hole (if you’re in one) or find other streams of income. I know, I know, easier said than done, but that shouldn’t stop you from trying.
When we were young, we have allowance. When there is no money left in our pockets, we can no longer buy. We we grew up, we have credits. That’s when the problems begin.
I had to look up meme on wikipedia myself 😉
Good one Mike.