If there were only one finance principle to remember, it would have to be value. In economics, value is the measure of the benefit provided by a good or service to an economic agent (Source). In simpler terms, value is what you get in exchange for what you paid. When looking at spending habits, people tend to focus on dollar amounts, which I think is the wrong approach. Some things tend to cost a lot of money and there is no way around it (housing and cars come to mind). My preferred approach when it comes to spending is to focus on value instead, AKA "the best deal". I call this value-based spending. 

Everyone understands value. Yet, people's actions paint a different picture. Indeed: how many people are willingly paying more money for the same product? Millions. Perhaps the best example of this would be cell phone plans. When I survey friends and coworkers, I am always shocked to hear how much they pay each month for their cell phone plan. Some people even pay upwards of $100 each month for service. What's even more troubling is that many of these individuals are quite smart and even "good" with money. Somehow, people seem to overlook this one area of their spending. I think cell phone plans are the easiest way to illustrate the concept of value-based spending. 

Cell phones have become ubiquitous and are basically required if one wants to function in society. While some penny-pinching, frugal bloggers may recommend you give up the phone altogether, I believe a better way would be to get the phone and plan that you need, at a fraction of what others are paying for. To do so, I recommend skipping the main cell providers (AT&T, Verizon, and T-Mobile) and getting service from a MVNO instead. 

An MVNO is a cell phone service reseller that essentially piggybacks off the 3 major network providers. MVNOs use the same cell towers as the big cell companies because they rent them. However, MVNOs tend to be considerably cheaper. They manage to lower costs by providing limited customer service, but mainly by not having a physicial presence. Because MVNOs don't have stores, you have to purchase plans online. 

Which MVNO is the best? It depends on your needs and location. For example, some MVNOs don't offer wifi hotspots, while others do. Also, you first need to determine which towers work best in your area. If AT&T provides good coverage in your area, then you should pick an AT&T MVNO. As always, only buy the plan you need. There is no need to pay extra for data or services you don't use. Plus, MVNOs are usually month-to-month so one can upgrade or downgrade plans easily. 

Currently, one of the best deals aka value out there is the new plan offered by Dish called "Boost Infinite". For only $25 a month (excluding tax), you get unlimited calls/texts, 30 gb of 5G data, and wifi hotspot. I think that should cover the needs of the majority of people. Switching only takes a couple hours and you can transfer your phone number. A comparable plan at one of the large providers would easily cost double, if not triple that amount.

Most people won't make the switch to a cheaper MVNO because they prefer to pay more to get less. You work hard for your money; get the value you deserve.