The dilemma of- ‘saving for future or  spend to enjoy present’ is quite real. Each of us want to enjoy our today and at the same time, want financially secure future. The  solution to this dilemma is -keeping the balance. Neither merely saving or merely spending is a right way. We all should enjoy our money in a wise manner.

Life is meant for living and we all need to live a good, purposeful life to be happy. Money is a medium or tool which help us to build a comfortable and quality life. Also, at the end of the day we all are earning to spend on the things which makes us happy and make our life comfortable.  Saving money is important but that doesn’t mean that we should not to spend on the things/luxuries which makes our life comfortable and enjoyable.

Few lines from one my previous article suits here perfectly-

“Savings are essential but it does not mean that you should sacrifice on each and every thing, otherwise money will become definition of your life. It also does not imply that you start enjoying present without giving thought to future. There are negative effects to both sides: Savers often end up with ‘regrets’ and spenders with ‘financial problems’ in future. What is required is equilibrium.”

Sometimes, people get so strict with themselves in order to save money that they forget to live and enjoy their present. Money saving should be a part of your life and as a good habit, not a stress factor.  Increasing saving means to eliminate the unnecessary expenses and reduce on wants. Let’s take two 2 examples/scenarios:-

Scene 1:– Mr. x believes in saving money. He tries to save each rupee that possibly could be use for future. He gets uncomfortable with the idea of spending money as he is always in saving mode. At the same time he gets frustrated when he see some of his friends, relatives or others spending money and enjoying their life. In the dilemma of saving and spending, he is not only able to enjoy his life & savings but also making his present stressful.

Scene 2: Mr Y, is a spender. He loves to spend on new gadgets, phone, technology etc. He believes to spend on luxuries and enjoy the life fullest. He does not save for emergencies or for future. As popular saying goes,’If you are spending on things, obviously you will end with the things, not with investments and assets”. Ultimately, Mr. Y will fall into a financial problem sooner or later in his future.

Balance is the key. One should keep the balance between saving and spending. One should also prioritize on the luxuries they want and can afford, after making sure to have basics in place and proper planning for future. There should be goal for money saving and for spending too. Spending money on travel, new cuisine, social meetings, exploring places/people, education etc. can make you rich in experiences and as a human being. One should also understand the difference between spending money and wasting it. Having a goal can help you better to plan, to save and for spending too.

Remember, earning & saving money is not a goal of life, otherwise life will become more stressful. Keep aside a part of your money to enjoy your life, to live your present and to also save for future goals with the help of proper financial planning.