How does one hope to define "excess" if there's a carveout for "happiness and entertainment"? Beyond our Maslow needs, most of what we spend money on is arguably for "happiness and entertainment", no?
I agree that most of what people spend their money on is the pursuit of happiness and entertainment. My view is that the path to true happiness does not lie in material goods or personal experiences. Rather, helping others in their struggles and seeing their lives improve leads to fulfillment.