To be “economical” means to “wisely allocate your resources”. These resources include your time, life, energy, money, manpower, etc.
Why is having the ability to wisely allocate your resources important?
1. We will not live forever.
Because we will not live forever, we must allocate our time, energy, and human metabolism wisely. Which means:
Don’t waste or squander your human metabolism on what you don’t consider worthy of yourself.
There is a limit on human life (perhaps 120-140 years). There are only so many hours in a day. There’s only so much metabolic energy you are alloted in a 24 hour day.
2. No limits on money
Our life and time is limited, but money (as a concept) is unlimited. We can indefinitely earn more money, or spend more money (no laws of physics govern money).
However many of us have a limited budget (bag/belly) of money. Therefore the question is:
Assuming we have a limited pot of money, how do I desire to allocate this money, to best maximize my joy, power, and life?
What does it mean to wisely allocate your resources?
Wisdom in allocating your resources; what does this mean?
This is where we must create our own philosophy of our own personal economics. We ignore “financial gurus”, because their wisdom in finances is different to ours. When you create your own philosophy of personal economics, you are creating your own value system.
You determine wisdom.
So what does “wisdom” in context of personal economics or finances mean? To me:
Wisdom is being truly honest what you desire from existence.
So perhaps our wisdom is to be economical and wise in terms of how we live our lives; how to allocate our human metabolism towards aims we deem as worthy of us, fun, and interesting to us!