spend or save

To Spend or To Save

When you get your first job, it is an exciting time; with money in your pocket and your bank account, it can be tempting to spend it all on things you want. Whether you are interested in getting your first car, spending money on a holiday, or spending time socializing with friends, there are many tempting ways to spend your weekly or monthly wage. 

However, how sensible is it to spend your wages, and when should you begin to look at savings? Many people will say to spend some of your wages enjoying yourself while you are young and still living at home. Living at home while working is often when most people will have the most disposable income during their early working life. 

spend or save


It is always exciting to have money for yourself when you begin working, as it will be if you begin a higher-paid job or a promotion later in life. We agree you should always allow yourself some money to spend on yourself each month to get purchases you need or have been looking forward to. 

However, it is never a good idea to get into the habit of spending all of your money every month. Living to your means is something that every working person should get into the habit of when they first begin working. 

If you get your first job while living at home, your outgoings for household bills will inevitably be considerably smaller than they will be when you live in your own home. Whether you plan to rent or buy your first home after moving out, you will need to have money for a deposit and household bills. 


It is, therefore, best to begin putting money into savings as soon as possible once you begin working. If you begin saving early in your working life, it will be easier to continue this practice. Trying to find money to save after you are in the habit of spending all of your wages each month will not be easy. 

Having money that is accessible via a savings account or investment throughout your working life will be beneficial in case something unexpected happens. If you have a leak in your home, your car breaks down, or you have the chance to go on a once-in-a-lifetime trip, the ability to access savings will be of benefit to you. 

Financial experts say that you should have six months’ worth of wages in savings to be able to access in case of an emergency or job loss. 

In addition to instant access savings, there is the need to save for your retirement and later life. Whether you choose a physical gold & silver IRA, a cash IRA, a 401k, or another type of retirement investment, this is something that you will need. 

Saving for your future is just as important as saving for the present, and we recommend that you begin this as soon as possible after beginning work. The longer you save during your working life, the more you will have to enjoy your retirement years. 

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