Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money. This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out. I hope you are not one of them.
If anyone should have the money to lavish in the manner as op narrates it then mean they are financial alright like they ain't lacking the money in terms of spending, what they are lacking is rather the attitude of spending the money wisely in a meticulous spending on useful and necessary things under a budgeted plan. Wasteful spending is something a few people that have a good source of monthly income are suffering from, like before the month runs to the middle of the month they have spent their income all of it in the way op narrates.
People that spends money this way usually get to realize their self when the money is no more there, a little hardship straighten a nut in their brains to quit from such wasteful spending but I as much as the money keep flowing in as they keep spending it's very hard to see them having a thought if getting out of such lifestyle.