Have you ever noticed just how different people’s idea of an ‘essential’ purchase can be. For instance, you may have a friend or neighbour who would never dream of paying someone to come in and clean their house or mow their lawns, yet doesn’t hesitate to spend a small fortune on a new outfit. Or someone who is barely making ends meet, but would rather starve than go without their regular visit to the hairdresser or manicurist.
For any purchase, particularly the bigger ones, the super loaded question in every case is ‘Is it worth it?’
It’s something we probably ask ourselves very regularly, without even knowing it, and our answers will all be different. That’s because our values, and therefore our expenditure, vary significantly for many reasons.
When it comes to how we spend money, it’s incredibly important to understand what we value – because that is where our money should be going. We should start by ignoring what everyone else thinks and focusing on what we decide is worth it.
Carl Richards talks about the implications of asking this question in an episode of Behavior Gap Radio. What do we place value on? Take a listen here