Value of Money

Meaning :

Value for money is defined as the principle of obtaining the best benefits or  quality in relation to the price paid for a product or service. It emphasizes choosing  options that provide the greatest worth rather than merely the lowest cost.

Example:

For instance, buying a durable backpack for ₹1,500 that lasts for 5 years offers  more value for money compared to a ₹600 backpack that wears out in 6 months.

How to Understand :  

Consider it as the combination of quality and usefulness compared to cost. A wise  purchase leads to long-term satisfaction instead of just short-term savings.

Importance :

It aids in avoiding wasteful spending on items that do not meet expectations.

Understanding value for money supports more informed and strategic financial  decisions.

It contributes to increased long-term savings by encouraging investment in higher-  quality items.

It ensures that you acquire the right products tailored to your needs.