We buy because we want, not because we need. There are many reasons to want something, whether it’s because the thing is pretty or because it fits a perfect use. Need is just one of the reasons for our desire.
Thriftiness (getting the most value out of purchases – my definition) is critically linked to desire. When we deeply desire something, cost becomes less of a factor in obtaining the item. The quality and utility of the object are more likely to satisfy entrenched wants. As a result, it’s much easier to overpay for something that we really want because it’s hard to measure how much that something will fulfill our desires.
Since it’s hard to mitigate and almost impossible to eliminate desire, the next best thing is to classify our desire for an item to enable savings. If we identify which qualities will satisfy us (for example, a diamond of VS clarity, 0.5 to 0.7 carats, good cut, and an I or above colour will satisfy a fiancée-to-be’s taste and make her happy) we can then compare costs and make a more rational decision.
Knowing exactly what we want means we get more value.
