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.

It has been a debate for several years whether a person should save or spend money. As the modern world is experiencing economic instabilities of different forms, most people prefer to save as much as they can and secure themselves, and I hardly think differently.

The primary reason behind my view is that uncertainty has become the identity of today’s world. To be precise, in the present situation, people are more vulnerable to ill-health, unemployment and unforeseen emergencies, to name but a few. It is quintessential for a person to have enough funds in reserve to meet these adverse situations, and I think saving is the only remedy left in front of most people. If they do not have reserve funds, they would have to depend on financial organizations, and the outcome would not be often pleasing.

To support my view further, I feel that systematic savings, even in small proportions can help people to cross significant milestones in their lives. This includes personal purchases like cars, property and houses. Many are seen successful in reaching their life-time goals just because they have excellent saving mentality. Lastly, it is a logical understanding that the current economic crises are hard to be managed- not by individuals, corporates or even established governments.

I admit that spending is also important in a person’s life. It is illogical to save all the earnings till a person retires. Simultaneous spending is recommended to keep the balance in life. However, utmost care should be there in doing this.

To conclude, though spending is essential at many points of human life, I think saving is much appreciated, not just persons, but also for societies and governments.

Word count: 279