Have you ever been in a situation where you’re confused about whether to buy a gadget or take a vacation? Or to save and invest? It’s a tough call, especially because what you decide to do affects your finances.
Why should you save? Savings is important because living paycheck to paycheck isn’t viable in the long term. Did you know that 30% of millennials and Gen Z don’t feel financially secure? And are not confident whether they will retire with financial comfort.
In fact, many senior citizens are low on retirement savings. They underestimated their life expectancy and saved less. To avoid these situations, you need to take charge of your financials. Be aware of your financial situation and start investing as early as possible.
Why should you spend? Why are we talking about spending money? Isn’t it a bad thing? Well, it depends on whether you are spending on things that are valuable to you or not.
We have observed people often join the savings phase seriously and forget to live life. They stop spending altogether except on essentials. Extremism is always wrong.
You should always be able to spend on things that give you profound happiness and help you in your journey towards your goals.
So what is the answer? The short answer is to balance – easier said than done.
Find out more on why or how to balance here – http://blog.vrid.in/2022/06/28/to-save-money-or-spend-it-cause-yolo/
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