Some people think that it is best to save money, for example in a bank or savings scheme. Other people feel that money should be spent whenever it is available. Discuss these views and reach an opinion on this debate.

It is a result of hard work and hours of laborious efforts that enables people to earn their living. While some believe that all monetary gains should be saved via different channels

such

as investment schemes, others are of the opinion that it should be exhausted whenever it is available. In

this

essay, I will discuss both sides of the argument and put forth my opinion.

First

and foremost, since earning finances is an exhausting task, individuals want to safeguard all their earnings and one way is to put away all the money in the bank.

Additionally

, they resort to ways wherein they can double their money via cash-back return policies.

This

is because they plan for the future, be it for a medical emergency or for after retirement life. To illustrate

this

point, I would like to share my personal experience. Whatever I have earned up until

this

date, I ensure to keep aside 40% of it into savings.

This

allows me to be at peace knowing that if my family is in

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inancial crisis or if I lose a job, I can continue to bank on my savings for the rainy days. In order to ensure that my finances grow whilst being in the bank, I have invested in mutual funds which requires me to deposit a principal amount for 6 years, and I receive interest from the 7th year until the 20th year. According to me, it's important to ensure that, if at all an untoward situation had arisen, I need to be prepared for it.

On the other hand

, there are a group of people who come from the school of thought that they have toiled enough, and

as a result

to reward themselves, the funds should be spent. Often times, it's the younger generation who fall into

this

category because they do not foresee the future and do not plan for it.

For instance

, recently there was a news article published in the paper, which spoke about a financial firm who conducted an interview on youth between the age group of 22-27 and capturing their spending habits. It came to light that, these kids would end up spending their salary in the

first

10 days of the month and ask their parents for money to pull through the entire month. As a justification, they quoted saying, they have one life and would want to live it to it's fullest. In conclusion, because of the rise in economy and uncertainty of the job market, it is vital for everyone to plan ahead of times and seek assistance about financial planning. In the present day, there are several avenues and methods that one can resort to, in order to save.