Is it better to enjoy your money when you earn it or is it better to save your money for some time in the future

It is undeniable that “Spending money is much more difficult than making money”. Some people believe that it is more enjoyable to spend money when they earn it while others argue that money should be saved for the future. In my opinion, having a habit of saving money is absolutely crucial for coping with financial difficulties, aiding other people and learning financial management.

First of all, savings can help many people overcome tough financial times in their lives, particularly in emergency situations. This could be a number of things including tuition fees, out of pocket medical expenses or sudden loss of income. Without money put away on savings and/or investments, you open yourself up to other risks as well. For instance, not having enough money to pay for your children’s tuition fee may force them into absences from school that your savings might otherwise have covered.

Secondly, establishing a habit of saving money is a great way to develop a sense of responsibility, especially for young children. When people have a saving, they will be less dependent on other people. The more independent they are, the more confident and responsible they become. My younger sister began to do a part-time job at a restaurant since she attended high school. Most of her income has been reserved for covering her tuition fees that helps relieve part of the financial burden on her parents.

Last but not least, people can learn how to invest money during the process of making a saving. In daily life, everyone has to consider to pay for a variety of things from accommodations, monthly bills to personal belongings. It is necessary to have a careful plan for consumption that enables us to avoid overspending our budgets. As I was a child, I usually divided my saving budget into smaller ones including one for studying, one for personal belongings and one for saving. In reality, I have never spent money intended for buying books to buy clothes.

In conclusions, I strongly believe that every people, particularly young children should make a habit of saving money for several purposes including preventing financial risks, developing a sense of responsibility and improving money management skills.