Abstract: Values capture what is important to an individual and can shape economic behaviors through attitudes and preferences. Yet, no attention has been paid to the fact that individuals hold a variety of values and that there may be costs when these are not consistent with each other. This paper examines how individuals reconcile their values, both over time and across different categories, when values are inter-dependent. I develop a model in which individuals adjust their values simultaneously when an experience occurs in their life, thus leading to spillover effects across values. Bringing the model to cohort data, I assess the impact of several life events—parenthood, sickness and unemployment—on values. The empirical results suggest that (i) values change over the lifecycle due to life events, (ii) values are linked to each other, and (iii) spillover effects do exist and are sizeable.