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Ms Thrift on Target Prices

Everything has its price - from holidays of a lifetime to baked beans.

As regular readers will know, I used to be trapped in the corporate maw of a large organisation. This did not suit my talents; nor did it provide a very glamorous lifestyle. I don’t miss the work at all, but I had some nice colleagues with whom I still keep in touch. I spoke to one of them, Mr Canny, yesterday.

Mr Canny and I get on like a house on fire and we have many interesting discussions on such diverse topics as what to do with a pension lump sum or how much capital is enough.  Yesterday, Mr Canny made an extremely good point. ‘Ms Thrift’, he said, ‘everything has its price.’  

'Everything has its price'

Mr C said that the last year, he had spent a £12,000 on two months in New Zealand for his family. He thought that was good value. But he would never spend 60p on a can of baked beans. ‘It’s all about knowing your target price, Ms T,’ he said. ‘My target price for branded baked beans is four for £1. I may not always get that, but I won’t go much over.’ Mr C has target prices for all sorts of everyday items, such as dishwasher tablets and eggs.

Now Mr Canny does not have strict target prices for larger items, such as shirts or his holiday of a lifetime in New Zealand.  However, Mr C must have had some idea of what he should spend on the trip. For example, he would not pay £120,000, but would also think that £1,200 would be likely be a bit of a bargain basement trip involving camping, no hot showers and no alcohol.  So he did, in fact, have a loose target price.

Target prices are a useful tool in the frugal and fabulous lifestyle. You are not going to have a holiday of a lifetime on £500, but that is no excuse for buying overpriced dishwasher tablets.

Love Ms Thrift x

©Ms Thrift 2014

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