Young, Wild and Free: On What do Millennials Spend Their Hard-Earned Money?

Millennials can sometimes get a bad rep when it comes to their spending habits. But when you think about it from who do these claims come from? That’s right from older generations!

This doesn’t mean that anyone who isn’t a millennial can’t talk about their spending habits, it’s just that Generation Y has a much different system of value than other generations. They have specific sets of values which in a way dictates where their money goes. 

So, what do millennials spend their money on actually? 

Millennials Love to Have Fun

Ok, let’s face it millennials are known for loving to party. And party hard. But who can blame them? They only learned from the best. Although the majority of millennials have mastered the art of having house parties, they also love to go clubbing, especially in foreign countries. 

Traveling has more or less became a priority for Generation Y. They also don’t like to be bothered with too much organizing. That’s why they usually leave the organization of bachelor parties, weddings, and other festivities to agencies – Bucharest Bachelors being one of them. 

Apart from traveling and clubbing all over the world, millennials do love some recreation time. With many influencers on Instagram talking about a healthy lifestyle, healthy food options and exercise many have become obsessed with staying in shape. It has become so widespread, that they consider exercise as fun. 

Especially with some old sports like golf. Millennials take something old and make it into a super fun meme and start doing it. But, Gen Y can sometimes become a little reckless, so we recommend to all the millennials out there before they go golfing to consider investing in a brace for golfer ankle. It’s all fun and games until someone gets hurt, so be careful! 

Looking Good

Having good looks has been considered as a desirable trait for many, many years now. Even centuries. But the common folk weren’t very preoccupied with this stuff, leaving that to the noble and rich families. But in today’s day and age, people have become pretty much obsessed with the way they look and present themselves. 

If a millennial chooses to become a young and successful entrepreneur he wouldn’t be death caught without high-quality items. Which when you think about it makes sense. You become what you think of, and what better way to become who you want to be than by looking the part? So, branded items like Kenneth Cole Bags, Nike shoes, or some other trending brand will surely make their way into their closet. People are visual beings so it really makes sense to look the part you want to become. 

Apart from spending money on clothes they also love to spend money on beauty products. There has been a rising trend in cruelty-free products so millennials will most likely spend their money on natural beauty products. Which also when you think about it makes a lot of sense. Why would you put something on your face that has a lot of chemicals and that is essentially bad for your skin? 

We have a lot to learn from Gen Y. 

Food and Eating Out

By now we can see that millennials are pure hedonists. They love to go to places, experience everything they can, but as long as everything is prepared and organized for them. Going to restaurants every so often can really take a toll on your budget. But hey, at least you didn’t have to spend all that time in front of a stove right? 

But it’s not just about tasty food and fancy drinks. Your followers on social media will also know that you are into tasty food and fancy drinks, right? This may sound a little ironic, but it’s just the way this generation was shaped in. And if they eat healthily and love to share it with others, at least it will inspire other people to try to eat healthy foods as well. 

Another big part of this whole going to restaurants business as that most millennials really don’t have the time to cook their meals. The majority of people under the category Generation Y have freelance jobs that require them to be on their phones most of the time and to be available through most of their day. 

Savings

Well, you may have heard that millennials love to spend their cash and you can more or less come to that conclusion by reading this article. But contrary to popular belief they also know how to save money and they do it well! Their money-saving goals differ from other generations. While the generations of our parents and grandparents saved money for a house, a car or for a stable pension, millennials have a different set of values. 

One thing you need to understand about millennials is that they value experience over material stuff. What does this mean? This means that they would rather save money for a fantastic mind-blowing party in the Bahamas than to buy a house. This doesn’t mean that they don’t want to own one, it’s just that marriage is not something that’s expected from them and kids come much later. 

They don’t have to “bore” themselves with this kind of thinking from the start of their adulthood. They can travel the world, try out many different things, take up new hobbies every so often, go to a bachelor party in Berlin and then finally settle down.

Phones

Phones, whether we like or not, have become a big part of our lives. It is a perfect communication tool, it can be used for work, for exploring our artistic side (with many free apps), and they perfectly fit into our pockets. 

But this would all go to waste if you don’t have a stable Internet connection. That’s right. Many millennials simply cannot live without a stable internet connection. Either they work online, shop online or are just addicted to social media.

Whatever the reason for having a high demanding mobile phone, it has to come with a good surfing package and monthly tariffs, whatever the final cost. 

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