Hi! There are a lot of ways to answer this question, saying that let me tell you no answer is wrong. You can always extract what you need from the content and make your personal way to spend money wisely!

PERSONALLY I see the wise way to spend my money is to be passionate about something in your life and pursue it by setting it as your goal! YOU MIGHT THINK THAT THIS ANSWER HAS NOTHING TO DO WITH THE QUESTIONS!
Let me remind you what we have learnt in our lives that -
TIME IS EQUIVALENT TO MONEY! We can get back the money what we spent but the time it never comes back! So try to spend most of your time on the goal that drives you! your passion! Because the more you spend time on things that drive your inner energy the more productive you will be in your life and more satisfied you will be with yourself and the less time you will have to think where you should spend your money and you will spend less still you will be happy in your life!
THIS IS MY FORMULA TO GENERATE WEALTH AND TO SPEND MONEY WISELY!

We human beings like to be different, create our own USP, want to be our self best and unique but we forget that we are actually the opposite! We are a lot similar than different from each other. In my counselling and coaching services I encourage my caller to open up, share their problems which they are facing as we face the same problems but what makes them different is the situation/environment. I give solutions based on problems occured in history! as i said we face the same problems but its the situation that changes!