This is commonly used in Acceptance and Commitment Therapy. Often it is utilized to help clients gauge their behaviors and how well they align with their chosen values.
"Regardless of the way you are feeling, how are you living with respect to the fulfillment of your values? Though <behavior> may make you feel sad or upset, what will it do in helping you to live more closely by your values?”
For many, it can be good to just print it out and keep it in a place where it can be easily seen. Of course the dimensions can be changed, too, as some people may not have major relationship, leisure, etc. values of great focus. Some of my clients will write dates at different rings, and have a separate “key” which explains the details of what happened at each date.
It’s been helpful for my clients who shy away from meaningful behaviors because of cognitive fears. Example: “If I support my sister through our family struggles then I will cry, and then I will feel weak.” She knows that this makes her feel more distant to her sister, and so when she “gives in” to that thought then she is not living by her values. She feels better at first because she avoids crying, but long-term she acknowledges that she is only avoiding her values. So we use this as a reminder of her value to be a better sister, even if that means she has to cry from time to time.