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Some people like to spend their money as soon as they earn it, while others think it is better to save their money for some time in the future. Which do you prefer? Use specific reasons and examples to support your opinion. Do not use memorized examples.

Answer:

When our parents tell us that we should save money instead of splurging it, they have a big reason behind telling it. I have always considered saving money is way wiser than spending it. This statement of mine is pillared by two main reasons.

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Firstly, it must be noticed that our grandparents and also our parents outrun us when it comes to saving and related monetary decisions. This is because they’ve saved in their times and know where to put the money for a fruitful future. Whereas in our generation the youngsters are more drawn towards showing off, this results in splurging money on unnecessary as well as irrational things. I am a compelling example of this circumstance, when I was a teenager I used to get pocket money on a daily basis without realizing its value. Later on, when it was time for my college admission which required a lump sum of amount as fees, I regretted not saving the time when I could. Eventually, that resulted in my opting for a student loan, an amount of which is still left to be repaid and it’s been two years now. That time has taught me to be more conservative towards spending and I’ve accumulated quite some savings.

Secondly, human lives are filled with emergencies and most of the emergencies require a huge amount of money to be resolved. In my country, the majority of bankruptcies take place because of the massive medical bills charged. In fact, one of my uncles suffered from a severe heart attack that needed him to get cardiac surgery done. Expectedly that costs quite an amount, but he didn’t have the total amount and had to ask his old parents for the remaining. His parents could give away a huge part because they saved during their time and didn’t splurge the finances on unwanted things. Yes, he did feel extremely embarrassed to call on their saved money, but there was no other way out. He also could’ve saved if he’d have followed their frugal path.

To conclude, I would tell it is way better to save now than to regret it in the future. Especially for teenagers these days, saving money is equally important as doing any other thing. Making important financial decisions is a life skill and would help in unimaginable ways.