Value of Money

Meaning :

Value for money refers to obtaining the best benefits or quality relative to the  price you pay. It’s about finding the option that offers the greatest worth, not just the  cheapest one.

Example: For example, purchasing a durable backpack for ₹1,500 that lasts for 5 years

provides more value for money than a ₹600 backpack that tears after 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 helps you avoid unnecessary spending on low-quality items.

Understanding value for money encourages smarter financial choices.

It can lead to increased long-term savings by investing in better products.

It ensures you select the right product that meets your specific needs.