Psychological aspects of money—attitudes, material values, and spending—are brought together in an integrated model of consumption patterns. Tightness with money combined with high materialism predicts value-seeking bargain hunting; looseness with money combined with high materialism predicts price-seeking conspicuous spending; tightness with money combined with low materialism predicts price aversion and reluctance to spend; and looseness with money combined with low materialism predicts spending on experiences rather than things. Being overly tight with money, overly loose, materialistic, or overly concerned with financial success are all associated with lowered well-being.
Tatzel, M. (2002). “Money worlds” and well-being: An integration of money dispositions, materialism and price-related behavior. Journal of Economic Psychology, 23(1), 103-126.