While not nearly as dangerous as being an irresponsible spendthrift, an anti-spending obsession (as in “cheap”) can also be harmful to one’s well-being. Why? Because money can buy possessions and labor that not only can make your life easier and more enjoyable, they also can give you the ultimate reward — freedom.
What good is money if you still have to perform numerous tasks you dislike, especially if they include things you easily can afford to pay others to do? If you’re so afraid of losing your money that you feel the necessity to drive ten miles to another store to save a nickel on a roll of toilet paper, you’ve only succeeded in imprisoning yourself.
While advocates of “the millionaire next door” philosophy may believe my position on this topic to be heresy, I stand by my words. Don’t be wasteful and don’t live above your means. But, by the same token, make certain you are not so fearful of losing your money that it controls you rather than other way around.
Simply put, wisdom and moderation call for you to be the master of your money, not a slave to it.