Some People Think That It Is Best To Save Money In A Bank Or Savings Scheme

Some people think that it is best to save money, for example in a bank or savings scheme. Other people feel that money should be spent whenever it is available. Discuss these views and reach an opinion on this debate.

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Band 8 IELTS essay sample

Money is an important aspect of our lives. While some believe that money should be spent once it is earned, I think it is better to save money for the future.

On the one hand, some people prefer living in the moment and they tend to spend all the money as soon as they earn it. This mindset allows them to enjoy their lives right now, without thinking about the future. As such people mostly hold the idea that they live only one life, they usually spend all the money available on things they need at the moment. Take keen travellers for example; they seek new experiences and adventures in their lives, so they spend all their salaries on their hobbies.

In my view, however, it is reasonable to save some money because it could stand us in good stead in emergency situations. People can never predict when they might urgently need money. Be it an illness or a costly repair to the car or home, money is needed to meet our physical and material needs. Hence, in my opinion, it is important to have savings in order to deal with possible issues. Also, saving money enables people to purchase expensive goods such as furniture, vehicles, and housing.

In conclusion, while spending all the money earned may give some the feeling of happiness, I insist that it is essential to have savings for future needs. Therefore, on balance, I support those who think that money should be saved.