Question

write down five advantages of spending money wisely and five disadvantages of spending money extravagantly

Answer 1

Money is earned after a lot of effort and it is evident that one uses it wisely. Wise spending means getting maximum value out of your spending. Experts say that there are many benefits one can get if money is spent in a wise manner.

- Every one may face any contingency in life, it is better to spend money wisely and save some to cope up with any uncertain situation.

- It will keep you safe from borrowing.

- When you make wise decision while spending, not all your income will be spent and you will left with some savings.

- No financial stress will ruin your happiness and health.

- It gives confident when you act wise and spend wise.  

On one hand, spending wisely is offering so many benefits, on the other hand, spending extravagantly brings some serious threats.

- You have to borrow money in order to deal with any emergency.

- You will be under continuous pressure and stress to pay for your all expenses and you won’t feel any happiness even though you are spending.

- It crates social inequality in society and may harm social structure.  

-  All you income go in making payments, and you will not be able to make decisions like investments, real estate etc.  

- Spending extravagantly may bring false friends and relations near you.

Answer 2

Answer:

Money is earned after a lot of effort and it is evident that one uses it wisely.Spend wisely means getting the most value from your spending.  

Advantages of spending money wisely :

• Everyone can face some eventualities in life, it is better to spend money wisely and save some to face any uncertain situation.
• It protects you  from credit.- If you choose wisely when spending, not all of your income will be spent and you will have some savings left over.
• It will keep you safe from borrowing.
• No financial stress will ruin your happiness and health.
• Gives confidence when you act wisely and spend wisely.

Disadvantages of spending money extravagantly :

• You need to borrow money  to meet any emergency.- You will be under constant pressure and stress to pay all your expenses.
• Creates social inequality in society and can damage the social structure.
• All of your income is used for payments, and you cannot make decisions such as investments, real estate, etc.
• Extravagant spending can bring fake friends and relatives close to you.
• It brings unhappiness and disatisfaction when you are in shortage of money.

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