I am sure that you already know that the more you earn it's also the more you spend and it's very important not to spend more than you are earning because you will be a defaulter because am sure with such stand he or she can not pay back his or her depts.
However, one must learn to cut their costs according to their size. Which means if you want to want to begin investment and saving and keeping a standard of life, you should also earn more. But if you are earning lower, you should maintain a certain standards do that you can meet up.
One should live below their means, otherwise, you will have financial trouble later on. Much better to take care of your financials before anything else, luxury or other needs, because you will be the one suffering from its repercussions later on. As much as possible, save something even if it is in small increments of savings.
This is correct, but unfortunately the current environment encourages people to be out of control. Do you see how widespread binge watching of shows is as an example? You can't over consume 1 thing and then have no effects on other things in your life. From my observations, a lot of people are living beyond their means for many reasons. One of which is to show other people that they are well off, when they are not.