The truth is that there may be more things you want to spend on than you have the resources available for.

Very true, I now understand this. At times, when I see people who say they can never buy an entity, e.g an Iphone, I'd know that its because you do not have the money yet. When you start to earn or have something close to that, your mind will definitely go to it. But it is now left to you to have financial sense to deal with it.

As you are also investing, you should make room for saving - saving for contingencies and saving for emergencies.

Honestly, it is as if you got the whole gist in my first leofinance post about 3 days ago. We do not always factor in emergencies, but they always come. Also, even if it is factored in, how do one know the amount to set aside for it?
You may check that post out here - @temibot/financial-uncertainities