Spending Money in Islam

Assalamualaikum.

In Islam, correct me if I'm wrong, but we should not overly spend our money and be extravagant. However, I do not know if I am taking it too far and not spending on stuff that is essential or just nice to have (e.g. a new phone because my current phone is in quite a bad condition). By the way, I do give charity but still I'm saving money for no reason other than fearing there may be a day where I'm really tight for cash and regret spending the money I did (Alhamdullilah I'm not in that position currently but I've always feared it since I was a child for some reason). Is worrying about this doubting that Allah will provide for me and that this his bounty is unlimited and he gives of it what he wants to whomever he wants so I should not be overly cautious about spending money?