Many people prefer to spend money and not save it. What are the reasons? Is this a positive or negative development?

Currently, the phenomenon of developing a tendency towards expending money rather than saving has given rise to heated debate.

This

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trend, from my perspective, can be considered a negative trend due to the following reasons. Some compelling reasons can explain why not keeping some wealth in the reserves can cause some damage to humans. In the

first

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place, we lead a hectic lifestyle in which challenging several unprecedented financial issues is far more likely to be inevitable. Specifically, just via falling back to your savings your financial wherewithal to deal with

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monetary predicaments will be guaranteed. In the

second

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place, people will suffer the consequences incurred to their life

as a result

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of a lack of financial capability in their dotage just due to the fact that they are not tactful enough in keeping some cash in reserves. Essentially, in an organic family, earning a livelihood would be problematic when people step into their old age and their household expenditures will increase just owing to the fact that they should be welcoming more than before

as a result

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of regular family reunions in which they have no alternative but to expend to make their children happy.

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but not least, savings as a cushion have a vital role in fulfilling your dreams and plans for the future. To drive my message home I can give a matter of immigration as an example in which expenditures will cost you an arm and a leg when it comes to rendering financial compliance for the immigration office or catering to the basic needs for affording a rental house or living on your savings until you get hired. Admittedly, being at liberty to spend your cash on what you are desired at the time without concerns about the future offers a redeeming feature

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as the fact that you can enjoy yourself and your spending with the utmost freedom will be yielded in

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a way that there would be no room to harbour regret in your mind. Despite that, some opinion polls indicate that

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force major periods like the viral outbreak of Covid-19 put some people in trouble because of abandoning the thought of putting their salary into the banks to save for rainy days. In conclusion, squirrelling away and striking a balance between saving and spending and refraining from going on spending sprees bring relief, comfort, and convenience to your life compared to applying the avenue of expending your income perfunctorily.