Balancing Present vs. Future Consumption

I minored in Economics in college and that subject definitely helps shape my perspective on the world. I remember from one of my classes, Macro, I think, that the trade-off between present and future consumption lies at the core of the discipline.

For many years, I was motivated by future consumption. I saved...relentlessly, thinking about the big expenses I would face down the road. Perhaps it was taught by my parents to me...deferred gratification or something like that, but I was very disciplined about it. I'm glad, because in many ways, it has made some of the things I've acquired less stressful.

On the other hand is present consumption. Now, I don't think I consume wantonly or just for the sake of consumption (at least I don't think I do), but as I've matured (or maybe just gotten older), I see that life is fragile and while we do need to live/save for the future, there is something to be said for rewarding ourselves in the present, because, as you know, you never know when it will end.

I don't mean to be morbid, of course, it's just a fact. The real challenge that I see is, as with everything, what's the balance? What is "instant gratification" or irrational consumption versus a legitimate enjoyment of the fruits of your labor. You can always say "I'll need the money later" and you will, but sometimes later never comes. Obviously, there's the flip side.

I just want to be responsible to myself today and myself tomorrow. Tough one.