Nowadays, many people highlight the importance of saving money, regardless of age but, especially for young people. While I understand the necessity of this action, I take a balanced approach; meaning that people should be saving a portion of their income, while enjoying the rest.
On the one hand, supporters of the idea of being frugal and saving money state that individuals cannot work until the end of their lives. These people correctly argue that all people should have a retirement plan, otherwise they would not be able to provide for themselves when they age. In other words, not only does this plan ensure their finincial safety when they age, but also grants them mental asylum as they have planned their retirement accordingly. These plans can range from buying property, to investing in stocks, and aqcuiring life insurance.
On the other hand, many contend that young people should enjoy the merits of having an income while they can. To clarify, as people age they start to lack the energy they had when they were young, so they will not be able to enjoy their income as effectively. Moreover, working long hours to save money without attending to leisure activities can cause burnout. The catastrophic results of which can be dissatisfaction in one’s life, mental distress and consequently depression.
In conclusion, I believe that people should spend their money in moderation, while saving a proportion for their old age. I maintain that this action ensures their financial security and allows them to enjoy their youth.