"Save money or spend money you think that's the more correct way of life?"

So many teenagers in our countries today are being raised to spend instead of saving. I did a research about spending and saving as at last week and i discovered something that shocked me a lot. According to my research, i discovered that youths in the USA spent to the tune of $39.1 billion in just one year! Now the question is, where is the money channeling to? Is this the correct way of life?.

When we talk about saving money, it's the act of keeping part of our earnings aside for future purposes instead of lavishing it with immediate effect. Savings can be done daily, weekly, monthly and yearly, and can be used for different purposes such as emergency purposes, reducing debts and being financially stable. Saving money is very crucial because this will help individuals in the society create a financial cushion, improve their overall financial well-being as well as meeting ends meet.

Now to spending. Just as the name implies spending, it's the act of lavishing or spending our resources unnecessarily, without plans of saving a dime. We can spend money unnecessarily in different ways such as buying expensive items that it bid is higher that our bank account, it's called impulse buying, partying/clubbing frequently, dining outside when we can simply cook at home etc.

Saving! Saving!! Saving!!!. That's the only word that can be given to financial stability, breakthrough and security. Saving can significantly contribute to our overall financial well-being, in what aspects? Here are the three reasons why Saving is the correct way of life.

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We all know that it's difficult to stay debt-free, but with our savings, we can reduce the rate of debts and it daily interest. It is said that a "a debtor is a slave to the lender", so to avoid being a slave, Saving helps. When we borrow money either from financial institutions or individuals, there's a daily interest which have be paid in return. Without saving, it'll be challenging for us during the repayment period and this can lead to financial burdens. Is living a life of financial burdens due to unnecessary debts a correct way of life? No, instead saving is the correct way of life

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There's this saying "Little by little, a little becomes a lot". Saving consistently will lead to wealth creation, creating the path to financial breaththrough. Just as the saying, we can be saving some bucks on a daily basis despite how small it is. This is how i do my own. Anyday i close from work, i calculate my total earnings for the day, set aside some money for tomorrow transportation and expenses then keep the rest of the money inside my piggy bank as savings. Doing this consistently multiplies my money as well as acummulating my wealth portfolio. It's the correct way of life, all thanks to Saving.

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How do you think most retirees do survive after so many years at work? It's because the choose the correct way of life with passion, which is saving. In my society, so many retirees manage the most successful business premises, why? Because the choose to save instead of spending. At the same time, we also have retirees in my society who are struggling to survive after their retirement. They only depend on their monthly pensions, what if a day pass by then they're not credited as usual? That means they'll have to starve till they're paid.

Here is an illustration of a man who choose spending over Saving and the results it yield. There lived a young man who with his certificate couldn't secure a good paying job. After few months of searching, he hit a jackpot. He was employed to work as an accountant with the monthly pay of 300,000 Naira (834 steem). I were happy for him, because with the job he'll be financially stable, little did i know that he'll still remain the same.

He has been clubbing/partying during weekends, getting all the expensive and valuables things and sleeping around with women. It's sad to know that he was sacked due to new government at the company.

Could you believe that this same man which his net worth was more than 300,000 naira couldn't afford foodstuffs of 5,000 naira because his pocket were empty? He went back to square one as he was totally broke. "Had i known" was the only word he could say. Spending took him off the track.

It's a good thing to spend money but only when it worth it, not unnecessarily. While spending money to enjoy a good life, we should look towards the future, think about our goals that are not yet achieved, wealth creation, financial security and building our legacy. Don't forget the saying "Little by little, a little becomes a lot".

I'll like to invite @saintkelvin17 @edidiongeffiong and @josepha to participate.

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@boylikegirl.club