Knowing when to spend and when to save

[Knowlopedia]

A wise man once said, "a penny saved is a penny earned". A lot of people would agree with this proverb and have saved their money for when it's most needed. However, many are guilty of not only wasting their hard-earned cash - but also that of their loved ones by spending unnecessarily. When you're constantly feeling the pressure to spend in order to keep up with the Joneses, it can be easy to start focusing on what you have instead of looking forward and planning for what you need. In business, it's often said that "saving takes time", and that can be a good thing. It's important to think ahead when spending your hard-earned money and planning ahead for the future; that way you can increase your chances of getting what you want and maintaining a positive mindset throughout the process. While saving is something which should be done as often as possible, it's just as important to spend on the things which will make you happy. This can help to avoid spending too much money and keep your funds for things which are truly necessary for your lifestyle. Here are a few tips to consider when saving and spending:

• You should stop spending on things that don't make you happy - if it doesn't make you happy, then there's no reason to spend. Instead of splurging on things like shoes and handbags, remember that it will often be cheaper in the long term to buy a second-hand item that can be more versatile as opposed to buying brand new.
• Make a habit of thinking about things that you only ever see on TV and ask yourself if they're necessary. When you start cutting out little luxuries, you'll soon be able to save your hard-earned cash.
• Don't forget to look after yourself - it's important to enjoy the little things in life like eating healthily and exercising, this will help to ensure that your saving skills are developed in good health - not just in large amounts. If you don't take care of yourself mentally, then it's unlikely that your saving habits will remain strong.
• It's important to plan ahead.

 

[Augusta]

Well stated, the thing is that it is always good to make money so that we can spend on the things that are very important to us but the same time it is good to spend less because spending less will help us to save for the future which is very important.

The truth is that life is very unpredictable and we can't say if the expenses and the bills that will have in a future maybe very huge as such it is good to spend less now and save more and it should be on things that are necessary and important to us.