Some people think the money they earn should be enjoyed by spending it now, while other thinks that their earnings should be saved for future. Discuss both views and give your opinion.

The personal financial strategy of every single person might be different as it depends on their own preferences. Some opine that the amount of money

as a result

of their hard work must be used to fulfil their temptations. Diametrically opposed to

this

, most people claim that it is preferable for them to save their monthly earning for future purposes. In my opinion,

however

, it is important for each individual to keep their cash on a regular saving account for the following reasons.

First

and foremost, financial consultants are concerned that a single or married person has emergency funds because there is no one can guarantee that their life will always be on the right track and never experience any urgent circumstances.

Therefore

, by opening a bank account and keeping their capital there, everyone has an opportunity to prevent any difficulties, in terms of economic condition.

For instance

, when a family with one daughter get an accident and need to pay the hospital bills, they can access their emergency funds to complete the payment process.

On the other hand

, a multitude of the general public opts for spending their money easily like buying luxury goods that support their daily lifestyle.

This

is because many people assume that their social status will be higher as their salary increases and they feel comfortable while wearing a branded bag or expensive accessories.

For example

, the high-level managers in several international firms in the UK are often showing their recent exclusive wardrobe shopping collections through their own social media as they reckon that it can help them to climb to a higher social level in society. To conclude

then

, even though some claim that it is okay to enjoy their salaries on non-essential items, I absolutely believe that allocate and save money for future reasons are necessary to be done and will be beneficial for individuals.