Abraham son of the Rambam, The Guide to Serving God, Chapter 5, D

Generosity with money entails that you should not hoard the money you are blessed with to pass on to your heirs - “God gathers, but knows not who will take” (Tehillim 39:7). [King] Shlomo explained that this tendency is a punishment for sinners - “and to the sinner, God has given a habit of gathering and storing”. (Kohellet 2:26). You should not spend on luxuries for yourself or your family. Rather, you should spend on essentials and near-essentials for yourself, your family, and your dependants, and share with others, as the Torah urges us, “And you shall rejoice with all the good that God has given you and your household, you and the Levite and the stranger in your midst” (Deuteronomy 26:11). We cannot compare one who provides a feast for the wealthy, who do not need their food, to one who gives that amount of food to the needy. (pg 44-45) [Translation by R. Yaakov Wincelberg, edited for gender neutrality. Translated from Judeo-Arabic]