You are better off spending than saving as long as your debts are manageable.

Money is an object that is generally accepted as payment for goods and services. It comes in many shapes and forms and have been around for 40,000 years. Money, on some levels, is meant to encourage improvements in our lives. It plays a role in your daily routine even if you are cooped up at home for an entire day, the running water and the electricity needed to keep the lights on will translate into payable utility bills at the end of the month. We earn money through different ways and the process is not necessarily easy for some of us and this asks the question: should you save more money or spend like a YOLO (You Only Live Once)?

To protect you and your family with insurance

If you are a breadwinner for your family, insurance is a must-have. Think about it for a moment; you own a car and you are told to get insurance for it just in case something happens while you are behind the wheel. Also, if you are employed and you are eligible to be covered by the company’s medical insurance coverage and you are able to claim so long as you are a confirmed employee of the company. But those two points mentioned above has its own terms and conditions attached.

Personal insurance acts as a safety net and still maintains its importance if you are in between jobs and you do not have coverage. The money you would have spent buying your personal insurance for yourself and your family would take effect and act as an income replacement the moment it becomes an activated safety net.

People often neglect buying their own insurance but how would you be able to achieve your goals and dreams in life if you are unable to pay for a slew of medical bills if and when it arrives? It’s an affordable price to pay for financial security and peace of mind.

To spend on things that bring you joy

I personally like to believe everything in this world is cyclical. You save to spend money and you spend to save it. That feeling of yearning a particular item is so deep and when you finally have enough to make the purchase; there might be an inkling of holding back and you still ask yourself if you truly needed it.

Instead of living your life wondering, this is where the YOLO mindset comes into play. You will not know how you truly feel until you have made that purchase. There is such a thing as buyer’s remorse and there is no real way of overcoming it unless you decide how best to use the item you just bought in more ways than one. Purchases are divided into material and experiential ones and if you believe you will earn back the money you have just spent, then you are all set to move on to the next thing.

Save only if it bears a healthy interest

The only time you should consider setting your money aside if it ends up being an investment that bears healthy returns by you doing virtually nothing except letting time pass you by. Keeping all your money in a regular savings account might not be the best act as the interest you are earning on an annual basis may not be significant. Which is why financially savvy people are keen on placing their money in a myriad of platforms such as unit trust, property or even durians!

Money can be a fine friend or a fickle foe. Regardless of your relationship with money, it simply is an object that presents an abundance of opportunities and downfalls. This is the life you are leading now, take charge of your journey today and scan your available resources. The answers you seek may just be right in front of you.