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Spending Money: Good or Evil?
By Meg | September 19, 2008
I just read a very thought-provoking post at Living Almost Large called “Is Spending Wrong?”
This lead to a interesting discussions as to whether spending can even be defined as wasteful, sinful, extravagent? … There was “judgement” on the thread that even if you are a multi-millionaire, you shouldn’t be wasting money. That we should live a life of frugality and thrift. I guess that leads to the question then “is spending wrong”?
This is a fascinating topic. I don’t think everybody needs to live a life of “frugality and thrift,” but I do think there is a line beyond which spending IS “wasteful, sinful, extravagent” whether you can afford it or not.
As I commented on LAL’s post, I think most of us are naturally disgusted when we see “wasteful” spending. Of course it’s all relative, but there are some examples - like the $20,000 a night hotel suite or the million dollar antique car or the gold plated toilet - that do and should strike most everyone as wasteful and extravagant. When I see those examples I can’t help but think of all the people that money could have fed or educated or healed or how that money could have helped shape or build a community.
Like it or not, all spending shapes the community for better or worse (which, again, is relative) and that’s why it’s important to be conscious. We vote with our dollars in a capitalist society. What are we voting for when we buy solar panels for the house? What about when we buy violent video games or movies? Golf clubs? Porn? Jewelry? Literature?
Money is just another resource. It’s OK to enjoy it, but at some point it’s “wrong” to waste it. It’s hard to draw that line, and there may be no hard right or wrong answer, but we know this on some natural, gut-instinct level.
We also know it’s “wrong” for somebody to waste time by being slothful and lazy, to waste intellectual capital by eschewing educational opportunities, and to waste food by being gluttonous. Money is no different. Right?
More from Meg at The World of Wealth
Topics: Miscellaneous |
September 19th, 2008 at 5:14 pm
I agree that even if you are a multi-millionaire, you shouldn’t be wasting money. Waste is wrong, plain and simple. The words frugality and thrift may imply deprivation, but the more important word for this topic is value. An individual’s priorities and values define the meaning of waste. It is difficult not to be wasteful to an extent, but some people have no sense of value, and wastefulness defines their lives. I feel that paying for television reception is wasteful, and I avoided it for years. The problem was, we felt deprived without the simple ability to watch TV, and we eventually caved in and subscribed to basic cable. It’s over $50 a month. I think that’s ridiculous, but now I tell myself that we ought to enjoy our luxuries. I don’t think luxury is bad.
We should get the highest value out of the money we spend. If that is basically the way we live, we shouldn’t consider ourselves “sinners” when we find ourselves forced to pay too much for certain things. Along with that is the fact that some things that are considered cheap are actually very expensive, in that they do not offer quality and value for the money. The best value may cost more, and there is no waste in getting that.
September 19th, 2008 at 5:56 pm
Thanks for the mention.
September 19th, 2008 at 5:58 pm
I believe the line changes perhaps as you become more wealthy. What might have once seemed extravagant is now normal.
For example, paying 100% for college for your child seems outrageous!
But if you have the money why not? People will argue, you are spoiling the child. BUT maybe to you it’s worth it now that you have the money but 20 years ago it was unimaginable, and when you were in college you thought those people with 100% paid college were spoiled brats!
September 20th, 2008 at 8:24 am
The free market capitalist in you should recognize that if you made the money you should be free do buy whatever you want with it. It’s great that you think “at some point it’s “wrong” to waste [money],” but you should understand that not everyone has the same view of the world as you do. You wouldn’t want anyone telling you how to spend your money; you should respect others’ right to do the same.
September 21st, 2008 at 9:49 am
Following the basis that we are a capitialist country, if someone wants to take their money and bundle it up and use it as firewood then they can do so. I personally don’t see why it is my issue unless they are spending money that is not theirs or is beyond their means.
Also, spending that is done by the government that does not follow capitialism ideals of getting what you pay for seems wrong to me.
September 21st, 2008 at 10:33 am
We all have different beliefs on what is good to spend on and what is not. And those beliefs will change as we become more (or less) prosperous. As I’ve gotten more prosperous I’ve “purchased” things I never thought I’d pay for. Like a maid service - never thought I’d pay for that, but it gives me more time around my family, it causes fewer arguments with me and my spouse, and it genuinely makes me more happy and less stressed to come home to a clean home. I can’t think of many material possessions that can beat those returns. I feel that spending on anything that gives you quality time in return can be nothing but good.
September 21st, 2008 at 3:01 pm
I kind of figure that some of these
ridiculous expenditures are a good way of
separating a fool and his (or her)
money. I see ads for a $5000 or more hotel
suite and just shake my head…..
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September 23rd, 2008 at 6:12 pm
Wasting money definitely isn’t honorable, but everyone has a different idea of what wasteful is depending on their budget. To me, spending $100 on a shirt is wasteful because I’m on a tight budget and can get perfectly fine shirts for $20 or $30. To someone with a higher budget, $100 is a normal amount to spend on a shirt, and something like $300 would be considered wasteful, and so on. I think we can all agree that using a private jet can be wasteful, but with smaller things, there’s definitely some gray area.
September 24th, 2008 at 9:48 pm
Spending money without any thought is irresponsible and can be dangerous. Unfortunately the government makes it too easy to ‘bail out’ of a bad situation. Perhaps if it wasn’t so easy to write off your bad debts, people would think twice before spending more than they can afford to. Did anyone mention budget?