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The Great Debate: Spend Now Or Save For Tomorrow?


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January 29, 2023

The debate between spending money now and saving for the future is a complex and multifaceted one, with valid arguments on both sides. On the one hand, there are those who argue that it is important to enjoy life and spend money on the things that make us happy, especially in the present moment. This perspective is often referred to as "living in the moment" or "carpe diem," which is a Latin phrase meaning "seize the day."

Those who advocate for living in the moment argue that life is short and unpredictable, and that we should make the most of our time by doing the things that bring us joy and fulfillment. They believe that we should not postpone our happiness until some hypothetical future date, but rather seek to find happiness and fulfillment in the present.

Advocates of living in the moment often point to research indicating that experiences tend to bring more lasting happiness and fulfillment than material possessions. For example, a study published in the journal Psychological Science found that people who spent money on experiences such as vacations, concerts, and sporting events reported higher levels of overall well-being than those who spent money on material possessions.

Another argument in favor of spending money now is that it can help to create lasting memories and strengthen relationships. When we spend money on shared experiences with loved ones, we create bonds and memories that can last a lifetime. In contrast, material possessions can quickly become outdated or lose their value, and do not offer the same level of emotional and social connection.

However, there are also compelling arguments in favor of saving for the future. One of the main arguments for saving is that it can provide financial security and stability in the face of unforeseen circumstances. We live in an uncertain world, and unexpected events such as job loss, illness, or natural disasters can strike at any time. By saving money, we can build a financial cushion that can help to see us through difficult times and reduce the financial stress and insecurity that often accompany these events.

In addition, saving money can also help us to achieve our long-term financial goals. Whether it is saving for retirement, purchasing a home, or paying for a child's education, having a nest egg of savings can provide us with the financial means to realize our aspirations and dreams.

Another argument in favor of saving is that it can help us to maintain control over our finances and make better financial decisions. By setting aside money for the future, we can make more deliberate and thoughtful choices about how we spend our money, rather than being swayed by short-term desires or impulses. This can help us to avoid overspending and financial pitfalls such as credit card debt and can put us on a path towards financial stability and prosperity.

Ultimately, the decision about whether to spend money now or save for the future depends on an individual's circumstances, priorities, and goals. Some people may prioritize enjoying life and spending money on experiences and pleasures, while others may prioritize saving for the future and making financial sacrifices in the present. It is important to strike a balance between the two, and to find a way to enjoy life while also saving for the future. This may involve making conscious and deliberate choices about how we allocate our financial resources and finding ways to derive joy and fulfillment from both material possessions and experiences. So, it is always important to weigh the pros and cons of spending money now versus saving for the future and make a decision that aligns with one's personal values and goals.

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


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About the author

Ted Jenkin in a suit and tie

Ted Jenkin

CEO and co-Founder


My friends and family all think I'm a workaholic, but I say I'm just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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