Our ancestors had always been telling us to focus on saving as future is unpredictable unforeseen circumstances can occur anytime. I do believe in the above statement as luxury life will surly can cause trouble in the long run and especilly in the unpredictable time we living in.
There are group of people having a defiant believe that one only live once and one should experience its desire and wishes without the fear of what’s coming next. But with the increasing inflation globally due to climate change and other factors can clear out your hard earn money. For instance the Covid pandemic caused the global outbreak in healthcare sector and due to expensive healthcare cost many people aren’t able to afford it. Consequently it is unwise to spend money for uncountable valid reasons.
In my opinion, the earning individual need to manage their expenditure more effectively to survive the ups & downs of life. For example health issues, surgeries, accidents, pregnancies etc are few of the many unpredictable things that can occur in one’s life and to be financially stable will help to go through the tough times. Those who refuse to understand the importance of this often find themselves living on the tight budget. For example around 19% of microsoft employees find themselves underdebt after getting terminated or layover from their employment. Nevertheless, assuming if the employees have saved some of their earnings, they might not fing themselves living in misery whilst searning for new work.
To conclude, i believe to spend wisely and economically not only helps you to go through tough times with ease but also will be able to tackle global events and unforeseen personal and professional events.