Some people think it is alright to spend money for their wants, such as a new car or the latest gadget. Others think it is better to save their money and only buy what they really need. Which opinion do you agree with and why? Give specific details and examples in your answer.

For few people, spending money bring a sense of satisfaction. The happiness these people get from such shopping is short-lived and will certainly have repercussions in the future. I argue that this kind of spending is not a sustainable way of spending and will present my argument on why saving the money is a better alternate. To begin with, several people spend extensively on latest mobiles, fancy cars, to create an illusion on a rich lifestyle. These assets turn to liability rapidly. For instance, a high-end car demands a regular service, and incur a high insurance and maintenance expense. Even though the satisfaction of owing a latest mobile has benefits such as being updated with the latest technology, one must keep pouring money to keep upgrading to newest version of handset. Such irresponsible buying habits can only make one lose money and may end up not having enough to sustain a decent lifestyle. On the other hand, thoughtful purchasing on what is absolutely required can certainly give room for savings and will help on a rainy day. Smart methods of savings such as risk-less investment might also grow the money. In our uncertain life, there could be unfortunate turn of events such as health issue, or break-down of appliances at home which demands money without much notice. One must be prepared for such risks to take good care of himself/herself, and the family. Money in the piggy bank also gives confidence to lead to peaceful life. To conclude, while irrational spending on all the wants might bring happiness, in a long run one has to save money to lead a blissful and stress-free life.