Value Based Spending for the Holidays

Value Based Spending for the Holidays

November 04, 2019

The holiday shopping season is here! You will see reminders in every store you enter now up until Christmas! Black Friday shopping will be shortened this year, given that Thanksgiving falls on November 28th. Every year I ask my readers to be prepared with a list of what they want to buy. This year, I want you to go a step further and incorporate value-based spending during your shopping process.


Value-based spending is making purchases based on your values so that you feel better about your purchases and give more thought to the purchase. Using this approach on top of making a list before shopping will help you decrease frivolous spending and buyer's regret in the new year.

The best way to approach value-based spending is to sit down and think about what is important to you in life. What are your values? As an example, if a person says that their family is important to them and they haven't thought about life insurance in the event of their demise, the lack of life insurance, in my opinion, doesn't match the value.  This example is especially important if there are no assets and a mountain of debt that could impact the livelihood of the family. 


Travel and family are two of my values. Last year for the holidays, instead of purchasing large gifts, my family and I went on vacation. That's where the bulk of our money went for the holidays. Friendships are also important to me but fall below family on my value list. Because I spent my money on travel with my family, I had to cut back on how much I spent on friends. I made homemade goodies (desserts) and had fun in the process. Value-based spending always keeps you on your toes, asking yourself is this purchase important to me. Will you feel bad and have buyers remorse come January?

I usually pick up a few things for myself when I shop during the holidays, because my happiness is important to me. Once I listed out my values, my happiness was still at the top of my list, but there is nothing I need nor want, so I'm taking myself off of my holiday gift list. 

About Terrell Dinkins, MBA, ChFC®, CDFA®

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Terrell Dinkins, MBA, ChFC®, CDFA® is an investment adviser representative of and offers investment advisory services through OBN Wealth Advisors, LLC, a registered investment adviser offering advisory services in the State of Georgia and other jurisdictions where registered or exempted. Main Office: 950 Eagles Landing Pkwy, Suite 216, Stockbridge, GA 30281. Tel: 404-723-9780. Website: OBN Wealth Advisors. Image by 3D Animation Production Company from Pixabay.