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. Give reasons for your answer, and support your essay with ideas and examples from your own experience.

The question of whether to save or spend money is very topical today, as so many people are struggling with financial worries. There are valid arguments on both sides, which I will discuss now. On the one hand, it is often said that spending money is one way to relax and enjoy life, for instance by shopping or taking holidays, and there is certainly some truth in this. In addition, we usually have no choice but to spend quite a large proportion of our available salary on day to day expenses such as food, housing and transport, and so there is surprisingly little remaining to save anyway. Finally, spending money on products and services boosts the economy and creates employment, and in this sense is a worthwhile action. On the other hand, other people point out the dangers of reckless spending, for example on frivolous or unnecessary items, which is often encouraged by advertising. Young people in particular are vulnerable to being influenced like this. Furthermore, advocates of saving often point out that, without a reserve of funds for emergencies, unemployment or illness, people are putting themselves at risk of hardship or even bankruptcy. This is especially true in the current economic situation. Lastly on this side of the debate, people emphasise the need to accumulate wealth during one’s lifetime, so that one’s children can inherit money or property which will increase their security and standard of living. Overall, I tend to agree that it is wiser to save money wherever possible, for reasons which benefit both individuals today and future generations.