Savings vs YOLO Way of Life: Which is better?

There are always many options for virtually every aspect of life. For all decisions you have to take, you would have a minimum of two options. In some cases, one of the options could be downright bad, and the other upright good that you should not have issues choosing which to do. In other cases, both options could be very good or both options could be bad. When both options are bad, it is often referred to as that the person is between the devil and the deep blue sea. For most other cases, we might have as much as more than 5 options that we could choose from with some of the options looking good. The same applies to our financial lives. When it comes to our finances, we are expected to manage whatever earnings or income we make. The two extreme options would be spending everything we make or saving everything we make. However, there are a lot of other options that we could opt for in between. These other options could be broadly categorized under savings way of life or YOLO way of life. This article will expatiate on both ways of life and subsequently advise on the better option.

Savings way of life
The savings way of life is followed by those who strive to save money no matter how little their income, how much their expenses, and how difficult it seems to save. Immediately they get their salaries or earnings, they quickly remove a particular amount or percentage that they have decided to be saved. The money is either deposited in the savings account in a bank or in a piggy bank that they are using to save money at home. They religiously ensure that any money they get, they save a part of it. For some of them who think they would be able to manage it, they limit their expenses to only what they need and they save the rest. For the others, they will first remove what they intend to save and spend the rest.

YOLO way of life
YOLO means You Only Live Once. The YOLO way of life is followed by those who believe that they only live once, do not know how much more time they would be alive, and do not see the need to save. They believe that whatever money they make should be spent immediately on whatever needs, wants, luxuries, and even wasteful expenditures that they crave as long as they can afford it at that moment. Thus, they do not bother about trying to save money. Once they get their income, they spend it as they wish and mostly would finish or almost finish it by the time the next paycheck will be available.

Which is better between Savings and YOLO Way of Life?
Apart from the fact that the YOLO way of life seems to be an enjoyment type where those living such a lifestyle seem to be careful and do not bother about things happening around them, the savings way of life is far better. There are many ways that savings can contribute to the quality of an individual’s lifestyle. When you have a healthy savings account, you would not be scared of any form of emergency, especially the ones that require money to sort out. Since you have some money in your savings, you would know that if you suddenly required urgent and expensive medical treatment or your house suddenly got burnt, you will be sure that you can sort yourself out maybe because you do not have insurance for the emergency or the insurance company failed you. Savings would also be very useful in the future when you are retired or do not have the strength or health to work anymore. There are a lot of opportunities that people who save often get that people who don’t save will not be able to take advantage of it. For instance, distress sales and promo sales where the price of a car or other gadgets both people are interested in suddenly made available for half the price. It will be easy for a person with savings to take advantage of such an offer. The person with the YOLO way of life will not be able to take advantage of the offer even if the car was made available at 5 percent the price except the offer is on until the next payday and depending on how much they would be paid.