The best way is to live life is in moderation or as a Buddhist would say, taking the "middle path". Often times it is good to save your money and not be a spendthrift but if you are too cheap then you can cause even more troubles for you and those around you. In Eugene O'Neil's play write Long Day's Journey Into Night the character James Tyrone has shown that he has taken the extreme path spending his money in that he is extremely tight with his money and not only refusing to spend adequate enough money on his family, but his action show that he has not given his wife nor his two sons the attention and love that is so devoid in the Tyrone family household.
Tyrone's actions have had such a major influence upon his family that it has completely shapes the way Jamie, Edmund and Mary live their lives up until the time we see them.
Tyrone's stinginess causes him to fail to provide for the boys. Consequently, Mary thinks that Edmund have become failures in life. What this points out about Tyrone is that he puts money before the needs of his family. This doesn't necessarily mean that he cares more about money than his family because if that were true then he would have kicked Jamie out of his house long ago instead of putting up with him until now.
Mary also says that the reason for her morphine addiction is because of what happened when Edmund was born. Tyrone hired a cheap doctor who had taken the easy option of just shooting Mary up with morphine to ease her pain from childbirth. The fact that Tyrone can still put saving a few bucks before the wellbeing of his family and yet still...