There are two common sayings, and each supports one of the two attitudes. When referring to money, the first saying tells us to “save it for a rainy day.” The other saying, which is more lavish in its nature, encourages us to spend money by saying that we should “live it up.”
The major advantage to saving money is that it provides us with security. We always think that money in the bank will help us out during harsh times in life. Saving money is also a way of planning ahead. Most people keep a certain goal in life when saving money. If one does not “save it for a rainy day” but instead decides to “live it up” and spend all their money then they are more likely to face financial difficulties in the future. In this way, people who spend more than save do not take the opportunity to plan ahead for the future.
However, there are also some disadvantages to saving money. People who save money excessively and do not spend enough become known as misers. Even if they are earning well, they are not giving back financially to society. They become known amongst their friends as takers rather than givers, and are disliked for not giving enough. This condition can go to extremes when a person does not spend enough to care of themselves. Eventually the thought arises that what use is money if it is kept locked in a bank and never enjoyed?
This shows that spending money also has its advantages. It improves our quality of life, social status, and level of enjoyment. It teaches us to give money rather than to keep it all to ourselves. However, to “live it up,” similar to “save it for a rainy day” is an extreme attitude. Someone who decides to “live it up” is someone who does not just...