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.