To Spend or to Save, That is the Question

Image Credit: Pxhere


In many ways finance is pretty simple: you need to spend less than you earn. But, as easy as it is to say, it’s not so easy to make sure that you follow this advice all the time.


Sometimes spending is a good thing and you should be able to use your money to enjoy yourself and have a fulfilling life. Other times, it is better to save so that you can achieve financial security and look after your future needs.

Pay Off Your Debts

If you have any debts, paying them off should take priority. High-interest debts should be paid off first and as fast as you can to avoid excessive fees. You might also have lower interest, long-term debts like a mortgage. While paying this type of debt off early is a good idea, you don’t need to be quite as determined as long as you can afford the monthly repayments.


Prioritize paying off the highest interest debt first and overpay that account until it is closed while you continue to make minimum payments to other lenders. Work through the list systematically until you have paid everything off. If you are struggling, or you aren’t sure how best to approach your own situation, have a look at for more advice.

Save for a Rainy Day

There is a lot of different advice about having emergency funds and some people may not need them at all. Where some people think that 3 months worth of living expenses is perfectly reasonable, others argue that this money could be put to better use in the meantime.

While opinions vary on what your financial safety net should be made up of and how much you should have in savings, it is clear that you should have something to fall back on should disaster strike.

Achieve Your Goals

Saving for the future is always going to be a good idea, but it is possible that you can over-do it and save too much at the expense of enjoying your life now. If you are naturally frugal and careful with your money, this is great, but don’t make money the be all and end all of your life.


Spending now instead of saving for later can also be a good way to invest in your future. For example, you might want to spend some money pursuing an interest that could later be the foundation for your own business. Or perhaps you would love to travel the world and don’t want to leave it too late.


Think hard about what your life’s goals are as well as how and when you want to achieve them. This should help you to decide whether to spend or to save.


Life is short and you will only have one opportunity to make the most of it. While you might be tempted to splurge it all, do make sure that you plan ahead and think about your future needs. On the other hand, don’t be so concerned with the future that you forget about living well today.


Spending and saving are all about achieving a happy balance.


Vote for me @ Top Mommy Blogs - Mom Blog Directory

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge

Show Buttons
Hide Buttons