money health weekly


How to Evaluate Your Purchases


"Some people know the cost of everything but the value of nothing."

-Oscar Wilde


The first day of school is coming up and I need some new shoes. I'm in my early teens and I am rough on shoes. We go to the store and the only purpose is to find the cheapest shoes we can find that fit my feet.

Growing up, there was an emphasis on thrift, which we defined as buying the cheapest possible items we could. This, I propose, isn't the proper way to evaluate decisions, nor is it the proper way to be thrifty.

To the extent we could afford it, it would have made more sense to spend a little more on higher-quality shoes. Higher-quality shoes will last longer, and the cost-per-wearing would have been less.

This isn't saying that I needed name-brand shoes. Nor is this saying we should have spent money we didn't have.