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Young adults' independence from their parents | The enjoyable life between young people and older people

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#1 (permalink) Fri Jul 28, 2017 18:44 pm   saving money Vs spending money essay .Kindly rate for band 9 

Question :Some people think that they should spend money they earn now enjoying life,while others think that money should be put into savings for future.Discuss both views and give your opinion.

It’s quiet apparent that many people earn sufficient money compared to last generation. There is also a debate whether we should lavishly spend money we earn or make some investment for upcoming generation. I strongly agree the fact that we should save the money we earn for the betterment of our kids and even ourselves.

Firstly, It is always good to save a part of our income for future use. As an illustration there are many people working in IT industry and their job is not always permanent. They have to face recession and layoffs at any point of time. If it is business it depends on market shares, and in agricultural field income is completely dependent on rain and climate. and also medically emergency can emerge even for people with younger age. So from all these facts we could clearly understand the need for saving our income.

On the contrary, We earn money only to live a luxurious life. In this modern society it has become a trend for everyone to dine out frequently, visit pubs,shopping malls, purchase fashionable products and plan world tour at least once in six months. People usually work in a stressful environment 5 days a week and they tend to enjoy the weekend to the core. According to a recent research, number of youths spending their hard earned money for enjoying life has increased drastically compared to previous years.

To conclude, even though spending money keeps us happy, its negative aspects overpower the beneficial ramifications. Hence it can be stated without a shadow of doubt that saving money for future will give us a confidence to face all the unexpected situations.

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Vinoth.prog
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Joined: 12 Jan 2011
Posts: 74

#2 (permalink) Mon Jul 31, 2017 16:43 pm   Re: saving money Vs spending money essay .Kindly rate for band 9 

Hi Vinoth, I thought your essay was pretty good. You have addressed the prompt correctly and discussed both views as required. Your essay doesn't really follow your thesis statement that well though, as you don't talk about saving to better the life of of the next generation. Instead you focus on preparing for possible future calamities,
which is fine, but your thesis should reflect this. Your writing is pretty clear, but you do have a lot of small mistakes in grammar and word usage, especially with your articles, which makes much of your essay sound somewhat unnatural. Overall, I think I would rate this a band 6.

Vinoth.prog wrote:
Question :Some people think that they should spend money they earn now enjoying life,while others think that money should be put into savings for future.Discuss both views and give your opinion.

It’s [quite] apparent that many people earn sufficient {sufficient for what? It sounds a bit odd just on its own} money compared to [the previous] generation. There is also a debate whether we should lavishly spend money we earn or make some investment for [the] upcoming generation. I strongly agree [with] the fact that we should save the money we earn for the betterment of our kids and even ourselves. {this whole introduction seems a little disjointed - the ideas don't really flow into each other and the transitions between sentences are too abrupt}

Firstly, It is always good to save a part of our income for future use. {this is a repetition of your thesis, not really a reason supporting your thesis - I would be more specific. I think your real reason here is that the future is uncertain, so one needs to be prepared for future difficulties} As an illustration[,] there are many people working in [the] IT industry and their job is not always permanent. They have to face recession[s ] and layoffs at any point [in] time. If it is business[,] it depends on market shares, and in [the] agricultural field {"field" might not be the best here, since I am not sure if you mean "area" or and actual field where crops are grown} income is completely dependent on rain and climate. and also [a medical] emergency can emerge even for people [of a] younger age. So from all these facts we could clearly understand the need for saving our income.

On the contrary, [ some people are convinced that w]e earn money only to live a luxurious life. In this modern society[, ] it has become a trend for everyone to dine out frequently, visit pubs, [go to] shopping malls, purchase fashionable products and plan world tour[s ] at least once [every] six months. People usually work in a stressful environment [five] {it is best to write out numbers, especially those less than 20} days a week and they tend to enjoy the weekend to the core. According torecent research, [the] number of youths spending their hard earned money for enjoying life has increased drastically compared to previous years.

To conclude, even though spending money keeps us happy, its negative aspects overpower the beneficial ramifications. {I think you need to go into a little detail here explaining why the negative aspects overpower the positive ones} Hence it can be stated without a shadow of doubt that saving money for future will give us [the] confidence to face all the unexpected situations.

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Luschen
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Young adults' independence from their parents | The enjoyable life between young people and older people

 
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How To Save Money

Saving money, especially this time and age when there are so many temptations calling out to you every second of the day, is very, very difficult. From loans which turns into college debt, to buying highly expensive smart phones which is said to be at the value of a person’s kidney, needless to say, millennials or anyone born in modern generation will and have a difficult time in preventing themselves from spending.

Now, the big question is how do you save money?

As stated before, there are so many temptations here and there; however, it is also important to take into account that due to inflation and increase in demand, prices even for some common goods have skyrocketed to the point that the marginalized part of society increased more than the capable ones or the middle class and above who are able to buy their daily life necessities. Thinking about this, it is almost an impossibility to even save money, especially for those living in cities or areas where taxes are high with very low income and some do not even reach minimum wage, or rent is high due to congestion but there are still many ways in order to save money, regardless of whether or not, you are saving a huge or small amount of cash per period.

The following are tips and tricks in order for you to efficiently save your dough:

 

 

I cannot put enough emphasis on how important it is to note down every expenses you make. Keep track of EVERYTHING – yes, that means even the cost you spent on toothpaste, newspaper, snacks, everything. You need to take into account every penny, every cent you spend, and you need to be able to efficiently organize those set of data so that once you need to consult your bank or in need of money to pull out, you are sure on how much money you have left and what you actually spent on instead of spending your money like there’s no tomorrow.

 

 

By this I mean, plan ahead. If for example, you want to save a million dollars in 4 years’ time, make a timetable on how much you should save per interval and restrict yourself to how any dollars you can only spend.

 

  • Choose a Target to Save for

 

Once you have set an amount you want to target, you now have to choose on what you will do with your money after. You can either save money for material possessions such as a car or a house or you can simply put it in your savings account in the bank for retirement. The choice is up to you. Choose wisely.

 

  • Efficiently Decide on your Priorities

 

Material possessions have a limited life span, especially for technology such as cars or phones. For sure, it is inevitable that your car must be replaced, say after 10 years or so. It is then important for you to save money, not only for long-term goals such as retirement but also for short-term goals such as replacing whatever it is in need to be replaced.

 

  • Use Legitimate Means of Saving Money and Make it Automatic

 

Saving money in a piggy bank is good for pennies; however, saving money for many wads of cash should be saved in another place, particularly in a bank. You are free to choose which type of bank account you want to save your money in but I highly suggest you put your money in a savings account, make it a habit to never always do cash transactions by availing modes of payments such as cheque and credit/debit card. Another thing is you should have the habit of saving money automatically.

 

 

For security purposes, it is important that you watch your progress per month. This will help you and encourage you to continue saving money and be able to hit your goals quicker and easier.

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