While it may seem like a no brainer that you need to control your expenditure if you want to accumulate wealth, this seems to be something easier said than done.
Everywhere you look, you can buy things on credit or finance; have today and pay tomorrow!
While everyone wants the good life, it is very important to live within your means and learn to budget so you don't spend impulsively.
While getting a loan to purchase a piece of property or other asset which is likely to appreciate in value may be okay, I strongly advise against ever going into debt to purchase consumer goods.

For those in business, controlling your expenditure is even more critical; you need to constantly have your finger on the pulse of your business so you know what your income is and what you can afford to have going out.
Unlike those with a fixed salary, business owners can go through periods where they do not generate any profit.
Here, it is even more vital to know and control your expenditure so you can make sure you are not going to end up spending more than you are earning.