The model answers below are taken from a members-only video lesson.
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Speaker: Finn
Is it easier to spend money or save money?
I’d say it’s definitely easier to spend money, especially nowadays. There are so many ways to spend without really thinking about it, whether it’s ordering food online, buying things from social media, or just going out with friends. Saving, on the other hand, requires a bit of self-control because you have to resist the temptation to buy something now in order to have more money later. I think it becomes easier once you have a specific goal, though. If I’m saving for something I genuinely want, I find it much easier to cut back on unnecessary spending.
What kind of things do people usually save money for?
It really depends on their age and financial situation. Young people might save for things like a new phone, a car, a holiday, or perhaps a deposit for their first apartment. Once people get older and have more responsibilities, they’re more likely to save for things like a house, their children’s education, or retirement. I think holidays are a common reason for saving. People are often happy to give up a few small luxuries for a few months so they can afford a memorable trip later on.
Why do some people find it difficult to save money?
I think the biggest problem is that spending gives people an immediate sense of satisfaction, whereas saving is more about delaying gratification. If you see a pair of shoes you really like, for example, you can buy them and enjoy them straight away. Saving that same amount of money doesn’t feel nearly as exciting. Another issue is that some people simply don’t earn enough to put much aside after paying for rent, food, and other necessities. So I wouldn’t necessarily say that everyone who struggles to save is irresponsible. Sometimes, their financial circumstances just make it genuinely difficult.
Why do people sometimes buy things they don’t really need?
There are quite a few reasons. Advertising is obviously a major one because companies are extremely good at making us feel that we need things that we didn’t even know existed a few minutes earlier. Social media also plays a role because people constantly see what their friends, influencers, or celebrities are buying. There’s also an emotional side to it. Some people go shopping when they’re stressed or bored because buying something gives them a temporary mood boost. The problem is that the satisfaction usually doesn’t last very long, and they may regret the purchase afterwards.
Should parents teach their children to spend money freely or to save money?
I think parents should teach children to do both, rather than focusing entirely on saving. If children are taught to save every penny, they might grow up being overly cautious with money, whereas if they’re allowed to spend everything they receive, they may never develop financial discipline. I think it’s better to give children a small amount of money and let them decide how to use it. They could spend some of it on something they want and put the rest aside for later. That way, they learn through experience that money is limited and that making one choice often means giving up another.
Do you think it is easier to teach teenagers how to manage money when they are around 16 or 17 years old?
Yes, I think that’s probably quite a good age because teenagers are starting to become more independent. At 16 or 17, they may have a part-time job, receive a regular allowance, or start paying for some things themselves, so money management becomes much more relevant to their everyday lives. I think practical experience is more effective than simply giving them a lecture about saving. For example, parents could give them a monthly budget and let them decide how to spend it. If they run out of money halfway through the month, that experience would probably teach them more than any theoretical lesson could.
Should schools teach children how to manage money from a young age?
Yes, absolutely. I think basic financial education should be part of the school curriculum because managing money is something virtually everyone has to do as an adult. Children could gradually learn things like budgeting, saving, distinguishing between needs and wants, and understanding interest and debt. Obviously, the lessons would need to be age-appropriate. Younger children could learn through simple activities involving pocket money, while older students could learn about things like credit cards, loans, taxes, and investments. I think these are practical life skills, so schools have a role to play in teaching them.
Do you think having more money makes people happier?
To a certain extent, yes, but I don’t think the relationship is that simple. Having enough money to cover your basic needs can make a huge difference because you don’t have to constantly worry about rent, bills, or unexpected expenses. Beyond that point, though, I’m not convinced that earning more automatically makes people happier. For example, someone might earn a very high salary but work extremely long hours and have almost no time for their family or friends. Personally, I think money is valuable because it gives people security and freedom, but happiness also comes from relationships, good health, and having a sense of purpose.
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