Good things about saving and borrowing

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Saving

Saving your money is a good for when you are older and when you are younger too.It is good to save up because when you are older it could help you maybe buy a house or a small temporery flat.In my opinion its good to start saving when you are younger insted of older because it leaves you money when you are an adult.A savings acount means you can save money weekly or monthly but some people don't have one.

Borrowing

Borrowing money is good because say you and your family are out of food or a member of your family is ill you could borrow some money from the bank and it could help your problem.The reason borrowing is good is that the bank will get their money back.The bad reason is that you have to pay back more then you asked for in the first place.

Opinion

In my opinion I think saving is better because when you borrow you still have to give the money back and then that could leave you with no money again.Saving is good because you sometimes need that little bit of extra money.

Comments (4)

  • Olivia-Avatar.jpg Olivia @ the BNC
    09 Nov 2018

    Well done for giving your reasons here and being open-minded too. You have been awarded a star for these skills! I wonder if you can be sceptical about saving, as you only briefly touch on a negative. Why would it be difficult for some people to save?

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    1. Morley-Newlands-logo-250x250.jpg splendid_tree | Morley Newlands Academy
      Olivia @ the BNC's comment 13 Nov 2018

      Saving is bad because if you save too much money you could only be living a simple boring life.Say something bad happened like if you die early and you have lots of money in your saving account you would not have a chance to spend the money you have saved.
      Borrowing is bad because say you borrow money from the bank and you know you can not owe it back you can be in a lot of trouble.It is also bad because you have to owe more money back then you asked for.

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      1. Tiff-Avatar.jpg Tiff @ the BNC
        splendid_tree's comment 13 Nov 2018

        What are the good reasons to save or borrow?

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        1. Morley-Newlands-logo-250x250.jpg splendid_tree | Morley Newlands Academy
          Tiff @ the BNC's comment 30 Nov 2018

          The good reasons about saving is that when you really need some money you have it ready in an account waiting for you.The good reasons about borrowing is that with the money you borrow you could start a good business or buy a temporary flat to live in.

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