Ouch. I just imagine those poor people who mortgaged a house to buy in December...
It's tricky though, what you say is 100% true, yet disposable income is becoming an increasingly rare commodity these days. You can only cut back on your lifestyle so much before you hit an impassable floor, below which lies a nasty bunch of options like "losing the house".
Just because there is a limit to how much you can save doesn't mean to ignore it. I find that people should start by cutting back as much as they can as it might make them uncomfortable. When you are uncomfortable you want to change your situation, and that makes you eager to bring in more money so you can feel less bad about spending some on life's little luxuries.
This is so true. One's expenses always grow in accordance with one's income.
It is a pity that wisdom comes with age. By starting young: putting away regular savings and learning good financial discipline, you could set yourself up so much better for the future.
I took my first house loan out when I was in my early 20s. Before that, I didn't care at all about expenses, I was wild and reckless with my money. That taught me a lot about financial planning in a very short space of time, but it would have been great to know it sooner.
What really taught me how to deal with money was when my relationship ended and I lost half my stuff! Then you learn how to save and plan at a whole new level! 😂