Often it can be tempting to think that we should spend money while we have it. We may think that if we do not spend it when it is there, that it will disappear and we will not have it anymore. It is worth thinking hard about this attitude though and whether it is a wise one to have.


There are things that we have to spend money on and cannot go without. For example, we need to eat and drink and we also need somewhere to live. We will also have contracts, loans and direct debits that we have agreed to pay and will have to pay. All of these things are considered to be necessities, either because they are necessary for us to have to live or because we have committed to paying for them. However, a lot of the things that we buy are luxuries that we do not actually need but we still want. This includes things like holidays, alcohol, eating out, jewellery and films. These are things that we can go without and may need to go without if we want to be able to save money.


Having savings is something that a lot of people like to have. It means that they have some money behind them which means if there is an emergency and they need money all of a sudden, then they have money there to use. If you manage to build up a lot of savings you can use them if you lose your job and need some money to live on until you find another one. It can therefore give peace of mind as people know that there is the money there to use. Savings can also be used to regularly put money in so that you can afford to buy more expensive items. This can include things like holidays or cars.


It is also possible to borrow money if you need it. Therefore, if you have spent all of your money and therefore have no savings, you can use a loan to pay for emergencies or expensive items that you cannot afford. However, it is worth remembering that you will have to pay for this loan, often in the form of interest but also perhaps in charges as well. You may also not be guaranteed a loan, as this will depend on your credit rating. If you have just lost your job, then you may not be able to get a loan because you have no income and it will be hard for you to repay it, if you have to start making repayments before you get a job.

So, spending money has advantages and disadvantages. Whether you choose to spend it while you have it will depend on your priorities. It is wise to plan though and make sure that you have enough money to pay for everything that you need. It is also worth thinking about the advantages of saving and how that can help to reduce future costs by meaning that you will have less need to borrow money and therefore not have to pay loan costs.

Also saying you need to spend it while you have it makes little sense. If you do spend it you will no longer have it and if you save it you will still have it. If there are bills that need to be paid, you should be using the money to pay for these rather than just spending it on random things. So it is much better to be well organised with your spending and make sure that you are buying everything you need before you decide what you are going to do with anything that is left.

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