RICHES are for spending, and spending for honor and good actions. Therefore extraordinary expense must be limited by the worth of the occasion; for voluntary undoing, may be as well for a man's country, as for the kingdom of heaven. But ordinary expense, ought to be limited by a man's estate; and governed with such regard, as it be within his compass; and not subject to deceit and abuse of servants; and ordered to the best show, that the bills may be less than the estimation abroad. Certainly, if a man will keep but of even hand, his ordinary expenses ought to be but to the half of his receipts; and if he think to wax rich, but to the third part. It is no baseness, for the greatest to descend and look into their own estate. Some forbear it, not upon negligence alone, but doubting to bring themselves into melancholy, in respect they shall find it broken. But wounds cannot be cured without searching. He that cannot look into his own estate at all, had need both choose well those whom he employeth, and change them often; for new are more timorous and less subtle. He that can look into his estate but seldom, it behooveth him to turn all to certainties. A man had need, if he be plentiful in some kind of expense, to be as saving again in some other. As if he be plentiful in diet, to be saving in apparel; if he be plentiful in the hall, to be saving in the stable; and the like. For he that is plentiful in expenses of all kinds, will hardly be preserved from decay. In clearing of a man's estate, he may as well hurt himself in being too sudden, as in letting it run on too long. For hasty selling, is commonly as disadvantageable as interest. Besides, he that clears at once will relapse; for finding himself out of straits, he will revert to his custom: but he that cleareth by degrees, induceth a habit of frugality, and gaineth as well upon his mind, as upon his estate. Certainly, who hath a state to repair, may not despise small things; and commonly it is less dishonorable, to abridge petty charges, than to stoop to petty gettings. A man ought warily to begin charges which once begun will continue; but in matters that return not, he may be more magnificent.
Wealth is for spending, and spending is for honor and good deeds. Unusual expenses must therefore be measured against the worth of the occasion. A person may willingly ruin himself for his country as well as for the kingdom of heaven. But everyday spending must be limited by a person's means. It must be managed carefully to stay affordable and prevent servants from cheating or taking advantage. It should also create the best impression, costing less than outsiders suppose. Certainly, anyone who wants simply to break even should spend only half his income on ordinary expenses. Anyone who wants to grow rich should spend only a third. Even the greatest people lose no dignity by examining their own finances. Some avoid this not just through neglect, but from fear of becoming depressed when they discover their finances are ruined. But wounds cannot be healed without examining them. Anyone unable to examine his finances must choose his managers carefully and replace them often. New managers are more cautious and less skilled at deception. Anyone who can examine his finances only rarely should arrange everything on fixed, predictable terms. Anyone who spends generously in one area must save just as much in another. If he spends freely on food, he should save on clothing. If he spends freely on hospitality, he should save on horses, and so on. Anyone who spends generously in every area will find it hard to avoid financial decline. When clearing debts, a person can hurt himself by acting too quickly, just as by delaying too long. Selling in haste is usually as costly as paying interest. Besides, anyone who clears his debts all at once will fall back into debt. Once free from difficulty, he will return to his old habits. But anyone who clears his debts gradually develops a habit of thrift. He improves both his habits and his finances. Certainly, anyone who must restore his finances cannot afford to dismiss small things. It is generally less dishonorable to cut small expenses than to stoop to petty ways of making money. A person should be cautious about taking on expenses that will continue once begun. But he may be more lavish with expenses that will not recur.