There seems to be conflicting advice in modern media. On one hand, there are plenty of articles stating the importance of saving money. On the other hand, there is an emergence of articles encouraging living for today and letting the money “work itself out later”. This leaves the audience confused and internally conflicted. Should I live for today or save for tomorrow?

The answer can be deeply personal, and while your family or advisor may offer advice, ultimately the decision is yours. It is no secret that life can be short and there is no guarantee of tomorrow. Embracing and living every day to the fullest can be vitally important for your emotional and mental health. Spending your hard-earned money to travel, further your education, pursue a hobby, support a loved one, or explore your creative mind may provide much more personal fulfillment now than building a savings/investment account for your future.

However, the average person has limited funds. When funds are limited, trade-offs must be made. If the trade-off of living for today is hindering your savings goals, you run the risk of being unable to support yourself the way you desire in the future. Although money cannot buy happiness, it can increase your options. Without savings, your choices today can limit your options in the future.

“Although money cannot buy happiness, it can increase
your options.”

Understanding the implications of your decisions is one of the benefits we can offer you as your advisor. We recommend striking a balance between saving for the future and living for today. We advise establishing your savings plan first, then once your savings for your future are on track, you can focus on trade-offs that get you more of what you desire in the present. Are you living in an expensive part of the city? If you moved to a less costly part of town, you could use the savings to start traveling the way you’ve dreamed of for years. Tired of eating out so much? You could choose to eat in more often and use those dollars to buy that great pair of powder skis you’ve been eyeing.

In our opinion, living for today should never be completely sacrificed. Neither should savings. Balance is usually the answer. Everyone has trade-offs: What are yours?

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