Spend Or Save Money Essays

Some people think that they should spend money they earn now enjoying life, while others think that the money should be put into savings for future.

Discuss both views and give your opinion.

Band 9 essay sample

There are people who enjoy spending money. They simply cannot resist the urge to splurge. There are also people who believe in saving every penny they earn. In my opinion, neither approach is correct.

It is impossible to get something for nothing. We have to earn money to live comfortably. There are certain expenses that cannot be done away with. For example, we all need food to eat and clothes to wear. We also have a responsibility to take care of our dependent children, parents and spouse. All of these are good reasons to spend money.

However, I am against spending money just for the sake of it. There are people who spend every penny they earn. They buy things without even bothering to check whether they actually need them. While spending might give them some momentary pleasures, they will soon find themselves in deep financial problems. There is no harm in enjoying life by going on a holiday or buying latest fashion clothes or accessories. However, one must ensure that one is not spending more than one can afford. Also, emergencies may arise any time. For example, one can fall ill or lose job. It is impossible to tide over such crises without adequate savings.

Just like some people enjoy spending, there are also some people who enjoy saving. In their relentless quest to save as much as they can, they deprive themselves of the little pleasures in life. These people may have huge bank balances but they fail to enjoy life. Life is short and no one can carry their savings with them to the other world. It is therefore pointless to save all the money one earns without enjoying the little pleasures of the world. Happiness, after all, is the biggest wealth.

To conclude, the very purpose of earning money is to lead a comfortable life. This requires one to save and spend in the right amounts.

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How To Save Money

Saving money, especially this time and age when there are so many temptations calling out to you every second of the day, is very, very difficult. From loans which turns into college debt, to buying highly expensive smart phones which is said to be at the value of a person’s kidney, needless to say, millennials or anyone born in modern generation will and have a difficult time in preventing themselves from spending.

Now, the big question is how do you save money?

As stated before, there are so many temptations here and there; however, it is also important to take into account that due to inflation and increase in demand, prices even for some common goods have skyrocketed to the point that the marginalized part of society increased more than the capable ones or the middle class and above who are able to buy their daily life necessities. Thinking about this, it is almost an impossibility to even save money, especially for those living in cities or areas where taxes are high with very low income and some do not even reach minimum wage, or rent is high due to congestion but there are still many ways in order to save money, regardless of whether or not, you are saving a huge or small amount of cash per period.

The following are tips and tricks in order for you to efficiently save your dough:



I cannot put enough emphasis on how important it is to note down every expenses you make. Keep track of EVERYTHING – yes, that means even the cost you spent on toothpaste, newspaper, snacks, everything. You need to take into account every penny, every cent you spend, and you need to be able to efficiently organize those set of data so that once you need to consult your bank or in need of money to pull out, you are sure on how much money you have left and what you actually spent on instead of spending your money like there’s no tomorrow.



By this I mean, plan ahead. If for example, you want to save a million dollars in 4 years’ time, make a timetable on how much you should save per interval and restrict yourself to how any dollars you can only spend.


  • Choose a Target to Save for


Once you have set an amount you want to target, you now have to choose on what you will do with your money after. You can either save money for material possessions such as a car or a house or you can simply put it in your savings account in the bank for retirement. The choice is up to you. Choose wisely.


  • Efficiently Decide on your Priorities


Material possessions have a limited life span, especially for technology such as cars or phones. For sure, it is inevitable that your car must be replaced, say after 10 years or so. It is then important for you to save money, not only for long-term goals such as retirement but also for short-term goals such as replacing whatever it is in need to be replaced.


  • Use Legitimate Means of Saving Money and Make it Automatic


Saving money in a piggy bank is good for pennies; however, saving money for many wads of cash should be saved in another place, particularly in a bank. You are free to choose which type of bank account you want to save your money in but I highly suggest you put your money in a savings account, make it a habit to never always do cash transactions by availing modes of payments such as cheque and credit/debit card. Another thing is you should have the habit of saving money automatically.



For security purposes, it is important that you watch your progress per month. This will help you and encourage you to continue saving money and be able to hit your goals quicker and easier.

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