Benefits of Saving Money compared to Spending Money Earned

Posted on September 15, 2016 · Posted in Blog, General, Personal


“Better to be happy than rich” – Ancient Chinese proverb.

There are many attitudes that can be applied towards money, but they all generally lead to two common conclusions. These two most common conclusions are either to spend the money or to save it. The two attitudes that are most relevant to discuss are whether money should be saved or spent.

There are two common sayings, and each supports one of the two attitudes. When referring to money, the first saying tells us to “save it for a rainy day.” The other saying, which is more lavish in its nature, encourages us to spend money by saying that we should “live it up.”

The major advantage to saving money is that it provides us with security. We always think that money in the bank will help us out during harsh times in life. Saving money is also a way of planning ahead. Most people keep a certain goal in life when saving money. If one does not “save it for a rainy day” but instead decides to “live it up” and spend all their money then they are more likely to face financial difficulties in the future. In this way, people who spend more than save do not take the opportunity to plan ahead for the future.

However, there are also some disadvantages to saving money. People who save money excessively and do not spend enough become known as misers. Even if they are earning well, they are not giving back financially to society. They become known amongst their friends as takers rather than givers, and are disliked for not giving enough. This condition can go to extremes when a person does not spend enough to care of themselves. Eventually the thought arises that what use is money if it is kept locked in a bank and never enjoyed?

This shows that spending money also has its advantages. It improves our quality of life, social status, and level of enjoyment. It teaches us to give money rather than to keep it all to ourselves. However, to “live it up,” similar to “save it for a rainy day” is an extreme attitude. Someone who decides to “live it up” is someone who does not just spend money, but spends it carelessly. In today’s society where credit cards and loans are readily available, a person who decides to “live it up” is very likely to end up spending not only what they earn but also what they have borrowed from credit card companies, leaving them with heavy debts in the future.

In conclusion, one should always think not only about how they earn their money but also about how they spend it. There is another old and common saying that tells us that it is easier to earn money than to spend it wisely. Budget yourself by thinking about how much you are willing to spend before you go out to buy something. Another good approach is to never buy anything that you did not plan on buying no matter how good a deal you find; this saves you from unnecessary expenditures. However, always assess what your needs are and buy accordingly. Watch your desires, but don’t deprive yourself of necessities. This is the fundamental reason why some people can be happy with less whereas others are unhappy despite having so much. If you keep a balance between spending and saving then you will soon realize that financial wisdom is not about how much money you have, but whether you have the right attitude towards it. -essaypros.netNatural memory enhancer