Where is the balance in being financially frugal and being financially extravagant?

[Kross]

Two financial habits that can be considered extreme. Frugality and extravagance. Where is the balance between being frugal in finances and being extravagant with your spendings? How can that balance be struck?

 

[Suba]

The balance between being financially frugal and being financially extravagant lies in the balance between your previously created budget, whether there is a balance between income, expenses, savings, and investments.

 

[eLdavis]

I feel one of the best ways to balance this is by spending on things you actually need, and not your wants.

 

[Fidelia]

The strategy is to approach things that you don't really need with minimalism. And to spend as much as you have to on things that are absolute necessity to you.

 

[Nomad]

If you spend on something and then the very next day you struggle with your bills, what is the point of being financially extravagant.

 

[Kross]

If you spend on something and then the very next day you struggle with your bills, what is the point of being financially extravagant.

To balance it, don't also avoid spending to the point that you are suffering and it affects your well being. Doesn't make sense too.

 

[Augusta]

To achieve financial success, it is vital to manage your cash effectively, optimise your costs, and nurture your cultivated ideas

 

[Nomad]

To balance it, don't also avoid spending to the point that you are suffering and it affects your well being. Doesn't make sense too.

If you are earning well but not spending and then you die, what is the point of accumulating wealth. Spending isn't inherently bad but the most important things is where to spend

 

[King Belieal]

The most important thing about spending money is to be sure that you are spending it wisely. You should look back and see what you spent your money on is worth it.