Young people should spend less money on unnecessary things and save more for the future?

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It is often considered by some that,
money
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savings are a good practice when compared to spending every now and
then
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.
However
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, in my opinion, excessive spending's for unnecessary things make the situation worse not only in the
future
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but
also
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present. At once,
money
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saving behaviour would likely to have prosperous
life
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now and in the forthcoming years and probably for the
next
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generations.
To begin
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with, it is good to have some
money
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for the
future
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usage or for the unexpected crisis in day to day
life
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. In brief, people who had an interest to save
money
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may help them to cope with the stressful situations in
life
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like emergency medical care, retired
life
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usages, and for the sake of children. To illustrate in my
life
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, during my college days, most of the inflating tuition fee payment made by the savings of my father when he was young.
Moreover
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, saving
money
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in terms of insurance, health policies, would help the people to be more relaxed and volatile free
life
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in order to arising dilemma in the
future
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. Saving
money
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may help the investors get interest for the saved
money
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that would be more beneficial and helpful in some extent.
For instance
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, retired couples from my family explain that, their daily needs may fulfilled by the interest which they got from the fixed saving deposits of one bank.
On the other hand
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, people who spend huge amounts of
money
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for the daily needs and enjoyments would have a deleterious impact on their
life
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.
In other words
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, even the
future
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life
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is not predictable, many people suffering from the financial dilemma in some stages of
life
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. Shopping craze and spending
money
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for unsound lifestyle may lead fail to joint the two edges of
life
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in later
life
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.
For instance
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, many students would have struggled for study materials and resources by the reckless expenditure of their parents. It is a true phenomenon that, people who lived a
life
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irrespective of saved
money
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would face many challenges in the
future
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by the influence of global financial crisis or inflation. To sum up, some daily spending is essential,
nevertheless
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, lack of saving may lead to detrimental effect in the near
future
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. Thereby, it is better to have some earnings to be saved in secured area an that would help the people to surpass crisis and overcome the issues independently.

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Topic Vocabulary:
  • financial security
  • safety net
  • unforeseen circumstances
  • emergencies
  • future investments
  • retirement planning
  • financial discipline
  • habit of saving
  • amassing wealth
  • substantial fund
  • opportunity cost
  • additional income
  • inflation
  • purchasing power
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