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We need a moon colony as a launching point for further colonization efforts, without a moon colony how will we study and perfect the tech needed to get to Mars? The unparalleled scientific opportunities a moon colony would offer outweigh any cost. And you could always mine the damn thing for minerals if you want to provide a commercial reason for colonization.
A manned mission to the moon can foster a new age of space exploration, greater global unity, a renewed confidence in humanity and engender a idealistic hope for future generations to come. Even though we have already sent men to the moon and back, establishing a colony there will reignite the passion that drove us to such great heights during the 1950's and1960's.
Colonization of the Moon is a very bad idea. The Moon has many effects on the Earth, and there is no way of telling if we colonize the Moon it will not impact that. Colonization of the Moon could cause issues with the tides, disrupting many cities and put more people out of home then would gain homes from the Moon.