Undoubtedly, nowadays people are more inclined to spend their money than to save it. This is because some people find happiness in spending money, and it is a way for them to enjoy their hard work. There is a saying called YOLO (You Only Live Once). It is important to have a balance between spending and saving money. In my opinion, the disadvantages of not having savings outweigh its advantages. In this essay, I will discuss both the positive and negative sides.
Firstly, spending money is a necessity for economic reasons. If every individual were to refuse to spend money, it would hinder the development of their country. Spending money can have both positive and negative aspects. For example, buying food, traveling, and donating to charity are positive ways to spend money. Meanwhile, buying useless items, overspending on expensive apparel and gadgets, and pursuing a luxury lifestyle are negative ways to spend money. We should manage our finances well.
Secondly, not having savings nowadays is quite critical. Here are some methods to save our money: 40% for daily needs, 30% for leisure, and 10 to 20% for saving or investment. The younger generation nowadays prefers a luxury lifestyle, and a lack of information about savings is one reason why they do not have savings.
In conclusion, every aspect of our life requires a balance, and spending money is no exception. Spending money is necessary as long as it is positive. Saving money is important for our future.