Self-absorbed, lazy, and impulsive spenders are terms typically tossed around to describe millennials.
As it turns out, however, the accusations older generations make about us are quite incorrect, especially when it comes to how we spend our money.
We use apps and technology to connect us to services that will help us save money. We’ve grown up to see the harsh outcome of recessions and we’ve seen how the lives of our parents change as a result of making bad spending decisions.
But it’s not that millennials don’t enjoy spending money – believe me, we love to splurge on recreational activities like vacations and dining out.
We’re a generation that’s much more selective about what we spend our money on, and according to AOL Finance, there are 10 things that’ll never see a dollar from us…
With the rise of Netflix, cell phones, tablets, and other competing online streaming services, more and more millennials are cancelling their cable subscriptions and solely watching TV online.
Millennials have no interest in properly investing the money we save. Blame it on the recession. A majority of millennials would rather spend their hard-earned money on more conceivable things like vacations and events rather than trusting the market.
The days of cracking a cold Bud or Coors Light after work are thankfully behind us as craft beer continues to increase in popularity. While our fathers have no problem reaching for mainstream classics, millennials would rather crack open a craft beer any day.
With car sharing services growing in popularity, fewer millennials are investing in cars and turning to services like Uber or Zipcar instead. This gives us instant access to a vehicle without having to break the bank on insurance and parking.
It’s not that we don’t want to purchase a home, it’s that we can’t afford one – especially if housing prices continue to rise at these rates. More young adults are moving back home and rooming with their parents to save on rent.
Bulk Goods From Warehouse Clubs
If millennials don’t own vehicles or homes, the chances of them heading to Costco to make a bulk food run are pretty slim. And sure, you could try to bring a year’s supply of toilet paper on the bus, but there isn’t enough room in a tiny apartment to store it.
Gone are the days of getting married in your early twenties – millennials are waiting longer than ever to tie the knot. It’s not because we don’t believe in marriage, it’s that we would rather wait until we can actually afford a proper wedding.
From the unstable economy to societal shifts, there are countless reasons that account for today’s young people waiting longer to get married, which results in a delay in having kids. Millennials are also more interested in advancing in their careers and, in turn, would rather have children when they’re more financially stable.
Sure, in Canada we’re extremely lucky when it comes to healthcare. But that really doesn’t help millennials who are making a living by working freelance and are strapped for cash. We’re also a very active and healthy generation, which leads us to believe we won’t get sick. When a day does come that we’re feeling under the weather, we’ll suck it up and pay the doctor a paid visit. Or work through it, which is less than ideal.
Anything Recommended or Reviewed by People They Know
Finally, millennials tend to be very independent and that especially rings true when it comes time to make a decision. We would rather purchase something that we’ve researched personally and spent the time reviewing rather than buying anything our parents recommended.