Value of Money

Meaning :

Value for money is characterized as the assessment of obtaining optimal  benefits or quality in relation to the price paid for a good or service, focusing on the  overall worth rather than merely the lowest price.

Example:   For example, investing in a durable backpack for ₹1,500 that endures for 5  years exemplifies greater value for money compared to a ₹600 option that deteriorates  within 6 months.

How to Understand : 

It can be conceptualized as the interplay between quality, utility, and cost. A judicious  purchase yields long-term satisfaction rather than superficial savings.

Importance :

It aids in preventing wasteful expenditure on inferior products.

Understanding value for money fosters more astute financial decision-making.

It enhances long-term savings by promoting investment in superior quality goods.