Some maintain that saving money is essential for a stable future, whereas others assert that consumption brings more happiness and fulfilment. Personally, I support the latter claim in view of the productivity and efficiency purchasing new goods and services can provide, and the economic benefits.
Some argue limiting spending is of great importance because of preparing for future uncertainties. This is because savings help individuals cope with unexpected events such as illnesses, injures and economic depressions. For instance, during recessions like Lehman Shock, having savings facilitates workers to maintain their standard of living. Moreover, saving money generally promotes better spending habits, since this attitude urge individuals to distinguish between needs and wants, reducing unnecessary expenses. As a result, minimising consumption not only remedies excessive consumerism but also indirectly helps conserve resources and protect environment.
However, others believe consumption to obtain new products and services make persons’ everyday lives more productive and efficient, since cutting-edge technologies help individuals eliminate numerous manual and boring tasks at home. To illustrate, cleaning robots and artificial intelligence-based tools save significant time, enabling people to focus on hobbies and personal growth. Another motivating factor is that active consumption can significantly boost economy at both local and national levels. Companies and governments generate substantial revenue from increased spending, which can be invested more in research and development. Thus, new services are created, and advanced infrastructure is developed, enhancing societal progress.
In conclusion, although there are several advantages of saving spending mentioned above, in my opinion the top priority should be on active consuming considering comforts that the access to advanced technologies brings and economic growth.