"But it is perfectly clear that people who live from day to day without plan, without rule, without forethought--who spend all their earnings, without saving anything for the future -- are preparing beforehand for inevitable distress. To provide only for the present, is the sure means to sacrificing the future. What hope can there be for a people whose only maxim seems to be, "Let us eat and drink, for to-morrow we die"?" ~ Samuel Smiles
The definition of spendthrift is a person who is reckless and wasteful with his money. I look back on my life and cannot see a time when I was reckless and wasteful with my income. Another definition is 'a person who spends all his savings'. Well I cannot deny that there have been times, many times, I have spent all my savings. It might have taken me a while to go through them, but go through my savings I have done, more than once. So there it is; I am a person who has spent my thrift.
Like most working people I have been steady at earning money but have not always been so wise when it comes to economising and to thoughtful spending. This is not a modern problem. This is a human problem. Cicero wrote "Not to have a mania for buying, is to possess a revenue." Well I have spent too freely. It is easy for my older self to condemn my younger self. But the point of power is in the present moment. So I need to keep improving with money management skills and for me that means improving my household management skills.
Home economics which I studied at school was about household management including cooking from scratch. Home economics has now become known in some parts of the world as family and consumer services. So now days young people are being educated as consumers not as citizens. No wonder many people believe democracy is disappearing.
Advertising encourages us to be 'kind' to ourselves. We have worked hard, now is the time to reap the fruits of our labour. Rather than being duped into spending too much, economising helps improve circumstances for our future selves.
A budget created with a view to creating savings will dispense with anything that is not essential. Waste is eliminated. Household items are re-used and re-purposed. Self-reliance such as in cooking from scratch and growing food help us to manage our house-hold economy.
Be wary of the trap of bargain buying. It is easy to become carried away by bargain buying. If there is no immediate use for an item it can hardly be considered a bargain. I once had a neighbour who was always buying bargains to fix. He never did fix these bargains and he became surrounded by unusable, unwanted, stuff. Even a bargain that is in perfect condition is money wasted if that bargain is never used.