Which one is right:
I would love to spend it rather than preserving.
I would love to spend it rather than preserve.
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I don't like either one. I think this is better:
I would rather spend it than preserve it.
Nonetheless, if you insist on keeping your original structure, make it more parallel:
I would love to spend it rather than preserve it.
I enjoy spending it, rather than preserving it.
You can read more about parallel sentence structures at the Purdue OWL.
Incidentally, if you are talking about money, preserve is not a good word to use. The word preserve means to keep something in its original state. I won't say it's ungrammatical, because we can dream up a scenario where it could be the right word to use:
That's not just any dollar bill! That's a 1923 Silver Certificate! You should put that away somewhere, and keep it safe.
No, thanks. I'd rather spend it than preserve it.
However, if you're simply talking about your weekly paycheck, I think you really want to say:
I would rather spend it than save it.
(That may not be good financial advice, but it is good English advice.)
Both forms are acceptable.
See the following link for help