Yet another day is being observed today- the World Thrift Day which focuses on the need to inculcate the habit of thrift for the development of the individual and the nation. Who can deny the value of capital formation which is not possible without savings ?
I am only worried about the thin border-line between thrift and miserliness. The use of money is in spending, but there are people who shudder at the thought of spending. They will greedily watch others enjoying, but hold every penny tight between their teeth. They will starve and deny themselves the simple and well-deserved pleasures of life in the name of thrift. They may occasionally philosophise and comfort themselves by arguing that happiness has nothing to do with money.
Such people are more of a nuisance to their families which may be totally dependent on them for financial support. Their children may have to become the butt of jokes before their friends and their wives may be cursing themselves for choosing the life partners they did.
I think, misers become misers out of habit. Initially, they may have some lofty idea like saving money for securing their own future and that of their families. But gradually, it becomes a habit. Even if they have plenty, they just can’t spend. They enjoy not spending, just as others enjoy spending. They choose not to spend without any idea of the objective for which they are doing so.
This is not to say that one should spend recklessly. The bottom-line is that one must learn to live within one’s means and also save a reasonable amount to secure their own future and that of their families.
I would rather like to be a miser than be perpetually in debt.