When to Save & When to Spend

By Sam Kendree

August 24, 2018

When to Save & When to Spend

When I studied abroad in Florence, Italy in the Spring of 2016, I was constantly faced with the same predicament: “Should I spend money, or save it for another day?”

Living in the capital of Italy’s Tuscany region for four months came with many perks and many temptations. From the leather market to the corner gelato shops, I was constantly faced with the temptation to spend whatever Euros I had left in my pocket.

About one month into my trip, I noticed a paradigm shift in my spending habits. I would occasionally skip the post-pasta gelato (shocker, I know) and instead save a certain allowance for the upcoming weekend trip. This shift in spending habits directly changed not only my day to day activities, but my entire study abroad mindset. I proactively researched free activities to do in Florence during the weekdays. I found myself visiting every sight Florence had to offer. From the David to the Duomo, I had wrung the city dry of all the (free) sights and sounds. I even found myself taking one-euro bus rides to Chianti to enjoy the sunset with a five-euro bottle of wine and great company. Instead of spending my money on objects in Florence, I saved my money to splurge on once-in-a-lifetime experiences.

My weekly shopping excursions turned into kayaking the crystal-clear waters of Algarve, Portugal and booze cruises down the Danube River, which splits Buda and Pest. At the end of the four months, I came back to the United States just as broke as I would’ve been if I had continued to spend money on material items. The difference was that I came back with a full heart and a million stories to tell.


At the end of the four months, I came back to the United States just as broke as I would’ve been if I had continued to spend money on material items. The difference was that I came back with a full heart and a million stories to tell.


As I now reside in Chicago with a real-life job, I am faced with a similar question: “Where is the equilibrium in between experiences and savings?” As a young professional in the investment management industry, I am told to ‘save, save, save.’ But, at the same time, I am a 22-year-old in Chicago with few to no responsibilities - shouldn’t I be spending money on jet skiing Lake Michigan or buying $20 drinks in the Joy District? So, where is the middle ground of having fun and maxing out my Roth IRA?

Using my experiences abroad, I have created somewhat of a blueprint for the spending/saving conundrum. I am responsible with my money, I have a budget I follow, and I’m left over with a chunk of discretionary money.  My blueprint is fairly simple: I save money on simple things such as eating out and clothes, spend money on experiences, and invest the rest. Through my time on this Earth, I have come to a realization that memories are priceless and time with loved ones is invaluable. While saving and planning for the future is important, spending money on experiences can be just as valuable in the long run - those are the experiences that can produce an incalculable return.

Sam Kendree is an Associate Advisor at Chicago Partners Wealth Advisors who specializes in helping individuals create solid financial plans.

Important Disclosure Information Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.

August 24, 2018

When to Save & When to Spend

When I studied abroad in Florence, Italy in the Spring of 2016, I was constantly faced with the same predicament: “Should I spend money, or save it for another day?”

Living in the capital of Italy’s Tuscany region for four months came with many perks and many temptations. From the leather market to the corner gelato shops, I was constantly faced with the temptation to spend whatever Euros I had left in my pocket.

About one month into my trip, I noticed a paradigm shift in my spending habits. I would occasionally skip the post-pasta gelato (shocker, I know) and instead save a certain allowance for the upcoming weekend trip. This shift in spending habits directly changed not only my day to day activities, but my entire study abroad mindset. I proactively researched free activities to do in Florence during the weekdays. I found myself visiting every sight Florence had to offer. From the David to the Duomo, I had wrung the city dry of all the (free) sights and sounds. I even found myself taking one-euro bus rides to Chianti to enjoy the sunset with a five-euro bottle of wine and great company. Instead of spending my money on objects in Florence, I saved my money to splurge on once-in-a-lifetime experiences.

My weekly shopping excursions turned into kayaking the crystal-clear waters of Algarve, Portugal and booze cruises down the Danube River, which splits Buda and Pest. At the end of the four months, I came back to the United States just as broke as I would’ve been if I had continued to spend money on material items. The difference was that I came back with a full heart and a million stories to tell.


At the end of the four months, I came back to the United States just as broke as I would’ve been if I had continued to spend money on material items. The difference was that I came back with a full heart and a million stories to tell.


As I now reside in Chicago with a real-life job, I am faced with a similar question: “Where is the equilibrium in between experiences and savings?” As a young professional in the investment management industry, I am told to ‘save, save, save.’ But, at the same time, I am a 22-year-old in Chicago with few to no responsibilities - shouldn’t I be spending money on jet skiing Lake Michigan or buying $20 drinks in the Joy District? So, where is the middle ground of having fun and maxing out my Roth IRA?

Using my experiences abroad, I have created somewhat of a blueprint for the spending/saving conundrum. I am responsible with my money, I have a budget I follow, and I’m left over with a chunk of discretionary money.  My blueprint is fairly simple: I save money on simple things such as eating out and clothes, spend money on experiences, and invest the rest. Through my time on this Earth, I have come to a realization that memories are priceless and time with loved ones is invaluable. While saving and planning for the future is important, spending money on experiences can be just as valuable in the long run - those are the experiences that can produce an incalculable return.

Sam Kendree is an Associate Advisor at Chicago Partners Wealth Advisors who specializes in helping individuals create solid financial plans.


Important Disclosure Information

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Chicago Partners Investment Group LLC (“CP”), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from CP. Please remember to contact CP, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. CP is neither a law firm nor a certified public accounting firm and no portion of the commentary content should be construed as legal or accounting advice. A copy of the CP’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request.