Chaim, it’s not just luxuries that people spend on. Tuition has increased exponentially since our parents were raising us, and it’s a crushing burden. With lots more families having 2 working parents, often 2 cars are needed in order to commute to work.
There’s also housing costs. I saw a study that compared house prices from 1965 through 2021. They adjusted for inflation. House prices rose 118% from 1965 to 2021, even adjusting for the inflation. Income only rose 15.5%. In 1965, the ratio of avg house price to avg income was about 4.5. Currently, it’s about 7.33. So paying for the same size home that our parents had is costing us significantly more than it cost them.
I agree about fancy vacations, and indulging on fancy foods. If you can’t pay full tuition for your kids, you have no business spending money on a fancy trip. I get that people need vacations to relax, but there are affordable options. You don’t need to fly the whole family to Israel.
At the end of the day, let’s all just remember that all our money comes from Hashem. You want to ensure financial well-being? Make sure to give maaser. It’s guaranteed to help your finances. And don’t forget to daven. Davening and doing mitzvos accomplish more than any segulah for parnassah out there.
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