Although it may sound a bit "preachy," I really feel that society has become somewhat pathological. Money seems to have become the only standard by which people are measured, and everyone is desperately chasing wealth, as if without money, you have no value. Meanwhile, the things that should be most cherished—character, sincerity, effort—are being pushed to the sidelines. People are so focused on counting their money that they forget what truly matters: how they live and the kind of person they become.
Don't forget, money is just a bonus that comes after the realization of self-worth.
Well yeah, that is the bitter truth and it makes sense because we can't survive in the current world if we are not making enough money.
What happens, once we start earning good amount of money, the needs and wants don't stop and we keep focusing on money to satisfy our desires.
What you have mentioned is a good suggestion which everyone should try to follow because not everything requires money.
Happiness is when spending quality time with your friends and family and we don't require a huge amount of money for that.