Standing firm on my word cost me money but it was worth it
I made a handshake deal with a contractor two years ago for 15k to renovate my garage. Nothing in writing, just my word. He did the work, did it well. I told him I'd pay him 15k. Market's changed, could probably get someone to do the same job for 9k now. My buddies told me to renegotiate since there's no contract. I'm paying him the full 15k we agreed to. A man's word is his bond. How could I look myself in the mirror if I backed out? This is what separates gentlemen from everyone else.
That's the kind of handshake deal we need more of. 15k is real money, especially when finances get tight, so that's a genuine sacrifice for principle. Did your contractor appreciate it or just expected it?