Many people prefer to spend money and not save it

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IELTS Writing Task 2: Personal Finance

Many people prefer to spend money and not save it.

  • What are the reasons?
  • Is this a positive or negative development?

Essay Response:

In today’s consumerism society, managing individual’s monthly income is a great challenge for everyone and sometimes saving is being neglected or given low priority. Some people overlook the importance of having a culture of saving, let alone compounding. In my view, the current trend is both a negative and positive development. This essay will examine the causes of the present human behavior about money.

To start with, most people are now struggling to control their spending habits. Individual spending are increasing year-on-year as people are tempted to spend the minute they receive their money. Consumerism is one of the reason why many people end-up buying things excessive to their needs. Taking social- status for instance, if a neighbor or a friend buy an expensive car then someone are pressured to purchase the same or even higher in terms of value. Travel is another chance to spend money, when someone is on a trip there is a high potential to exceed on the travel allowance budget. It is not wrong to overspends a little and splurges on occasion, but spending money regularly on things that are not necessary can lead to financial ruin.

On the contrary, increased in spending should not only focus on the negative side of the story. There are also valid reasons for the increased in spending that lead people to have little or no savings at all. For example, paying taxes to the government and other social services contribution. While it would be difficult for someone to enjoys paying taxes, some people recognise the positive impact to the society. In theory, higher taxes lead to more comprehensive social services and better infrastructures.

In conclusion, expenses go up a lot easier than go down and it is very difficult for some people to stop spending but overspending on wants provide short-term gratification with long-term prices to pay. For me, there is a danger of  not saving money even for a small amount at a time.


When it comes to IELTS Test, vocabulary is one of the most important skills a test-taker must have. In writing section, having a good grasp of English vocabulary will help you frame and convey your ideas in words using an effective and varied vocabulary. 

  • consumerism
  • neglect
  • compounding
  • excessive
  • exceed
  • splurge
  • comprehensive

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