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10 Things Millennials Waste Money On

Written by dinaindelicato   
Monday, 18 December 2017 04:00

Truthfully, millennials tend to spend less money than older generations. For some it’s a matter of having different priorities. Others simply don’t have much spare income. In fact, millennials have been accused of pushing certain industries to the brink of death, because of their spending habits. These include:

  • Casual Chain Restaurants
  • Department Stores
  • Home Ownership
  • Fabric Softener
  • Diamonds
  • However, this doesn’t mean that millennials are always frugal. Just like every other generation, they have spending habits that could be fixed. One part of that is wasteful spending. If you’re a millennial, you  might want to check your habits against the list below.

    1. Gym Memberships

    Here, waste can come in two varieties. The first is that millennials often buy gym memberships, but never use them. They just continue paying the monthly payments. Sure, they start out with great intentions.They buy the membership, often after the first of the year or just before swimsuit season. Then, they go regularly for a while. Unfortunately the habit doesn’t stick. In fact, 67% of people with gym memberships never use them.

    What’s the other cause of waste? Millennials often spend too much money on gym memberships. They may pay for upgrades to premium memberships, then never use the extra privileges and services. Many opt to pay higher prices for spa type gyms when a simple YMCA membership will suffice.

    2. Eating Out And Food Waste

    Millennials certainly have a love affair with food. They follow foodie blogs, incorporate food into their travel and entertainment plans, and share pictures of their meals on social media. For many, eating is as much for pleasure as it is for survival. As a result, millennials spend a lot of money eating out.

    Of course, in addition to eating out for the experience they also eat out for convenience. This often means hitting drive thrus or ordering carryout. In total, 44% of the money millennials spend on food is spent eating away from home.

    There’s even more bad news. Millennials often lose money due to food waste. This can come in the form of letting restaurant leftovers go bad, buying food and then failing to cook it before it turns spoils, or simply leaving food on their plates. While previous generations often plan meals and shop accordingly, millennials often fail to do this.

    3. Drinking And Smoking

    Millennials certainly aren’t the only generation to indulge in these vices. However, drinking in smoking are certainly popular millennials. To make things more expensive, millennials often indulge in spendier versions of these habits.

    For example, millennials not be purchasing packs of cigarettes at the rate their parents and grandparents were, but they are still indulging. Hookah lounges are quite popular among members of this generation. So is vaping. While some regard this as healthier, the flavored oils and fancy rigs can cost quite a bit of money. Then, there’s cannabis purchase and consumption.

    Drinking habits can be pricy as well. Many millennials are brushing aside their parent’s middle of the road brews in favor of higher end brands and microbrews. Naturally, these costs add up.

    4. Fast Delivery Service

    Millennials have certainly adopted online shopping. Who can blame them. It’s quick and convenient. Avoiding stores where temptations and impulse buys can be an issue can also help save money.

    Unfortunately, millennials tend to want what they want as soon as they can get it. As a result, overnight and expedited shipping are temptations they often cannot resist. Unfortunately, this means spending extra money, even when they can truly wait for the product.

    5. Concerts And Events

    Fear of missing out is a real thing for millennials. When friends and acquaintances announce they’re planning on attending sporting events, concerts, festivals, and other gatherings many find it’s difficult to resist the temptation to buy a ticket and come along.

    While it’s perfectly fine to attend events that are truly interesting to them. Millennials may find themselves wasting hard earned money to attend events simply to hang out with friends, or because the event has been hyped too much.

    Spur of the moment travel and vacations are also a source of overspending. Millennials often spontaneously plan and join these outings without enough time to plan. If they would simply be patient, they would get better deals. For example, a trip to Europe may require document translation. If things are planned ahead of time, millennials are more able to compare translation features and prices to make their buying decision easier.

    6. Health And Beauty Products And Services

  • Smoothies
  • Cleanses
  • Weight Loss Shakes
  • Protein Powders
  • Scrubs
  • Wraps
  • Make-up
  • Facials
  • Mani-Pedis
  • Massages
  • Float Spas
  • The health and beauty industry is booming. A primary reason for this is that millennials are frequent consumers of these products and services. Isn’t it expected that people would buy health and beauty products though? It is. However, the problem is that many millennials spending on these items often go beyond what is healthy for their budget.

    In addition to this, they also tend to buy into marketing ploys. Claims that products are alternative, all natural, chemical-free, organic, etc. often draw millennials to purchase items that are unnecessary and usually over-priced.

    Monthly subscription boxes have become popular as well. With these, customers pay a monthly subscription fee to receive health and beauty items each month. Unfortunately, the total value of the items are often less than the subscription fee. In many cases, subscribers receive products they simply cannot use.

    7. Coffee And Other Fancy Drinks

    Even when millennials skip the fancier coffee shops and cafes (they often don’t), a daily coffee habit can be quite expensive. Gas station and fast food coffee, shakes, and smoothies will still set a person back a few dollars. The same goes for gourmet hot and iced tea.

    It’s also important to keep in mind that these aren’t the only drinks that millennials are wasting money on. Energy and sports drinks are becoming increasingly popular as well.

    8. Poorly Made Shoes And Clothing

    This is especially problematic among younger millennials. Many are still in school or simply not well-established in their careers. Because this, spare money is hard to come by. When they do need new shoes or clothing items, many aren’t in the position to buy well-made, durable items. Instead, they buy cheaper, low quality items.

    Of course, these don’t last as long as they should. This leaves millennials often in a cycle of buying cheap items more often, and spending more money over time. Unfortunately this is a hard problem to avoid.

    9. Gasoline

    The combination of high gas prices, impulse trips, and low use of public transit and carpooling, often leads to millennials spending more than they should at the gas pump. This can add up to a hefty sum over time. Another contributing factor is that millennials struggling with money often purchase cars that are older and  not fuel efficient. Those living paycheck to paycheck may also tend to keep their tanks half full or lower. This results in fuel evaporating at a faster rate.

    10. Credit Card And Loan Payments And Interest

    Debt is a real issue for millennials. Many take loans and credit cards out, before they have established good credit histories. It’s also fairly common for millennials to max out credit cards, then only pay the minimum payments. This leads to them paying higher interest rates and spending more money over time.


    Even though some overspending may be beyond the control of millennials, the vast majority could solve many of their budget issues by changing out a few bad habits. Planning meals, consolidating errands to avoid excessive car trips, avoid unnecessary debt, and curbing entertainment expenses are just a start. Ultimately, more conscientious spending and a commitment to saving are the real solutions to this issue. your social media marketing partner

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