The word “Economy” means, literally, “house-management”; but in ordinary speech it signifies wisdom and care in the expenditure of money. Every one whose income is limited must practice economy, or he will soon find himself in financial difficulties.
A wise order of expenditure must be observed. First, we must secure the necessaries of life, for without these we cannot live.
For example we must buy sufficient wholesome food for ourselves and our families, pay house-rent for necessary shelter, and in cold climates purchase fuel to heat the house, and warm clothing; and also provide for the education of children.
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Next will come what economists call the “conventional necessaries”; that is, things which while not being necessary to keep us alive and in health, are necessary to enable us to keep up our social position a certain style of house, and health in his youth by self-indulgence and vice, learns at last, when his health is wrecked for life, the right way of living : but too late to be of any use to him.
But all the lessons of experience are not unpleasant. Whether they are pleasant or unpleasant will depend upon ourselves.
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For we can just as easily learn from experience that honesty pays in the long run, as that dishonesty does not; that temperance maintains health, as that excess ruins body and soul; that kindness to others brings us joy, as that selfishness leads to unhappiness.