Six Things Price Tags Don't Tell You

Time: Often left out of the cost equation is time. The more you value your time, the higher this cost can be. For example, if you are painting your house, paint brushes are going to be a lot less expensive than a power sprayer. Then again, a power sprayer significantly cuts the time it takes to paint a house, so its overall value may be much higher.

Purchase method: This one should be obvious, but the reason people get into credit card debt is because they don't realize that buying something with money they have is a lot less expensive than purchasing it with money they don't have. That $500 couch paid for with cash is $500. The same couch paid for with a credit card carrying 20% interest can total more than $950 if only the minimum payments are made.

While you probably don't have the time to go through all these costs with every purchase, it makes sense to step back and consider them with expensive items. By understanding that the cost of the things you purchase is rarely limited to the price marked on the tag, you put yourself in a position to spend your money wisely.