Should We Save for the Future or Borrow for the Present? The Double Take column looks at a single topic from an African and Chinese perspective. This month we discuss whether we should save for the future or borrow for the present.

Among young people living in urban areas of China, uncontrolled spending has become an increasingly common phenomenon. Many spend an entire month’s worth of salary before they get their next paycheck and later end up borrowing from the bank to cover other expenses. I believe this is largely due to the convenience in placing orders and making payment as a result of the development of e-commerce. One may easily be tempted into impulse buying as a result of the welladvertised new products, especially during random “festivals” created by e-commerce platforms.

Many of my peers have accepted this way of life and believe that we should pamper ourselves often and enjoy the present moments. In my opinion, however, buying something you don’t really need is only a futile attempt to fill the void in your heart with consumer goods. Personal experiences have taught me that the pleasure of impulse buying doesn’t last long and is usually followed by unnecessary pressure and anxiety.

One may know that it is bad to get indebted, but may lack self-control over it. Here are some tips on how I’ve overcome this. First, force yourself into saving a set proportion of your income; second, learn to do some financial management projects, starting from the projects where you can get regular benefits; third, know your financial status by keeping a track record of your personal income and spending; and fourth, stay away from credit cards. This has worked well for me.

I don’t mean that we should make it mandatory to save all the money, but when we spend or borrow, we should not do it just for present pleasure. For example, when I buy something, I opt for a durable purchase that’s within the affordable price range, instead of a cheap product that I would soon throw away. Similarly, I believe spending for personal enhancement, such as on health and education, is an investment for the future, even if we have to spend a lot or borrow for it.