On the weekend I had the annual gun punters club catch-up meeting where a few mates of mine get together and spend the day at the pub betting on horses, followed up by a night at the local casino. Obviously this isn’t the best use of my money and despite coming home with more money than I started with, it is unlikely that I could do it regularly.

Smart Money

Anyway, the thing that I want to point out is that despite the day potentially being very expensive, I had a great day out with some excellent company, and in my mind that is what your money should be used for. It is one thing to keep saving, but at some point you have to enjoy your money, there is no point accumulating thousands, hundreds of thousands or even millions of dollars and dying with it.

Life is meant to be enjoyed, and for me having drinks with friends while watching the horse racing is a great way to spend the day, and by proxy, a great way to spend my money. I find that many in the personal finance space focus so heavily on figuring out the best path to retirement that they forget about spending your money on things that you enjoy. If you enjoy material possessions, then fine, but I feel as if spending money on experiences is something that is more worthwhile as the memories that you will form will last a lifetime.

 

What do you guys think? Do you agree that you should aim to spend your money or is it better to save it for a rainy day?