After J heard the story of the big watermelon, there was a family discussion. Starting with if we can waste some watermelons when the supplies exceed the demands, we extend to the debate about how much we should spend.
We discussed whether we should pay for a feature we are not likely to use and if we need to limit spending each month. J's point is that spending is related to people's cultural background. Asking less is a Buddhist concept, and consuming more is the basis for capitalism. Reducing spending in a capitalist society can hurt the economy. Reduced consumption in Japan has led to sluggish consumer demand and dragged down the economy. J's point of view made sense. Americans' spending habits drive high demand and have been in the economy since 1970. Americans generally have a better quality of life. However, how much we spend is not a simple cultural and economic question.
I would say everyone has a comfortable amount to expend. Some like to spend based on the ability to pay down the debt, some like to spend based on the income limits, while others budget only 50% (50/30/20 Rule), 20%, or 10% of the income . There is no definite amount. However, I would say the following a generally agreed upon.
We discussed whether we should pay for a feature we are not likely to use and if we need to limit spending each month. J's point is that spending is related to people's cultural background. Asking less is a Buddhist concept, and consuming more is the basis for capitalism. Reducing spending in a capitalist society can hurt the economy. Reduced consumption in Japan has led to sluggish consumer demand and dragged down the economy. J's point of view made sense. Americans' spending habits drive high demand and have been in the economy since 1970. Americans generally have a better quality of life. However, how much we spend is not a simple cultural and economic question.
I would say everyone has a comfortable amount to expend. Some like to spend based on the ability to pay down the debt, some like to spend based on the income limits, while others budget only 50% (50/30/20 Rule), 20%, or 10% of the income . There is no definite amount. However, I would say the following a generally agreed upon.
- When money is in our possession, we have the opportunity to invest to maximize and increase its value. If so, we should take the chance.
- Ultimately, We spend money to make our lives better. We need to be frugal, but happy purchases are justified. At the same time, if overspending will cause problems in the future, then it's necessary to limit it beforehand.
- All the spending is tied to the core values we have. If we value our knowledge, we spend more on learning. If travel makes our life enjoyable, we spend on traveling. We may donate money to help others and invest in meaningful causes because we believe those are the right things to do.
