It appears to have become the flag-bearer for the new philosophy many Australians have adopted during the COVID period.

The quality-of-life review people have conducted on themselves has resulted in decisions to spend now and enjoy life, presumably because we might be dead tomorrow. The evidence is widespread.

There has been a mass move of people out of near-city apartments into houses in desirable suburbs and regional centres.

There are shortages of timber and building materials to do home improvements.

Fewer investors have been buying residential property.

The wait for delivery of new SUVs is many months. The wait for new caravans is even longer.

There is a boom in spending at wineries and restaurants.

There has been a boom in new pet sales.

Far more money has been put into poker machines.

Sales of collectible and performance cars have jumped, as has spending on improving them. Sales of luxury goods are up. Prices at art auctions have risen.

Some of this spending came from $20,000 withdrawals from personal super accounts. Who cares about retirement, that's decades away.

Afterpay, Zip and the buy-now-pay-later crew have provided a further big slice of the money. That's why their share prices have jumped. The banks have also been a big help, offering loans at next-to-nothing interest rates.

The only finance providers to have lost support are credit cards, due to their exorbitant rates. Afterpay and Zip have eaten their lunch.

We are all constantly faced with the dilemma of how much to spend to enjoy today and how much to put aside so we can enjoy tomorrow.

Since COVID-19 arrived, the needle has swung violently towards 'spend today'.

The big issue spenders are avoiding is the effect this buy-now-pay-later philosophy will have on their long-term wealth and living standards.

The government has set the standard for big spending now and ignoring the cost to future taxpayers.

There will be a cost, a big one.

A sum of $10,000 spent now instead of invested will cost around $65,000 at retirement if it is 30 years away.

For those younger, the cost is more. For those older, somewhat less. So, $20,000 taken out of super now will cost the 30-year-old around $130,000.

An extra $50,000 spent now on an unnecessary vehicle will reduce wealth at retirement in 30 years by $325,000.

Yes, I am a wet blanket, but there will be a price to pay for today's largesse.

The end of the financial year is the ideal time to refocus on putting money away for tomorrow by planning tax savings now.

I am optimistic enough to avoid buying Afterpay shares.