According to Chung, Song, & Lee (2017), mental accounting is a process whereby consumers make appropriate decisions on how to budget for the products and services they need to purchase. There are many things to spend on, but before deciding on how to spend, there are various things that run in my mind that help me make an appropriate decision on my budget. First and foremost I have to consider how the good is of importance and its necessity.  I have a priority on the most essential goods as well. The quality of a product or a service should meet the standards that I require. The pricing of the product should…