You should spend around 40 minutes on this task.
It is better to save money than to spend it. How far do you agree with this statement? Is saving more important than spending in today’s world?
Give reasons for your answer and provide ideas and examples from your own knowledge or experience.
Write at least 250 words.

MODEL ANSWER:

As the world is experiencing the economic heat waves at different degrees, there is no wonder that many are facing hardships in managing their money effectively. I should prefer savings to high spending, unless this situation becomes better.

Primarily, in this world of uncertainty, each and every person should be extremely vigilant in spending money. To be precise, people are vulnerable to ill-health, unemployment and unforeseen emergencies, to name but a few. It is quintessential to have enough funds in reserve to meet these situations and I think saving is the only remedy left in front of most people, if it happens. It is unwise for them to depend on financial organizations in such situations, as the outcomes may be bitter.

Moreover, systematic savings, even in small proportions can help people build up quite large sums, with which they can meet significant milestones in their lives, including large purchases such as cars and property. Many, in this world are successful in making their dreams come true, just because they have excellent saving mentality. Lastly, an in-depth realization of the root causes of the current economic crises, which are very hard to manage, is inevitable- not just by individuals, but by corporations and even governments themselves.

I admit that spending money as per the person’s individual capacity is desirable since one has the full authority over his earnings; however, this should never exceed the limits.

To sum up, even though spending is essential at some point of human life, I think saving is much appreciated, not just for financial, but for personal and political reasons.

Word count: 264