By contrast, I generally recommend about 40:60 (i.e. These days I’m all for enjoying the moment too, provided that you can keep things well balanced.īut what is a good balance? More often than not you’ll find people have an 80:20 split in favour of spending for today versus saving for the future. Probably I took much more of a ‘save every penny!’ kind of attitude around 10-20 years ago, but I’ve mellowed since then, as has the advice community at large. Planning for tomorrow while living for today – just how do you do it? Despite being a financial adviser, I like to think of myself as fairly neutral when helping my clients to make such judgements. Even as adults, we’re in a constant tug-of-war between being sensible and having fun. Should you spend that money now, or save it for later? If you save it, you could buy more things later on… but it would be so nice to have those sweets now! We like to think we’d grow out of it, but the fact is that it never gets easier. Adrian Kidd, lifestyle financial planner at Radcliffe & Newlands, would like to offer you a marshmallow.įrom the moment you receive your first pocket money, you’re plunged into an age-old struggle. Are you better at living for today than planning for tomorrow? A long-running experiment has shown how being unable to hold back can hold you back in the long term.
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