Millennials aren’t spending as much as people thought… Huh. You don’t say?

So I ran into an article on Business Insider (which I adore reading) and found a very inteeersting article about millennials such as myself. At first, they predicted millennials weren’t going to spend much on Labor Day and then they changed the ‘Labor Day’ part of the title to a millennials aren’t spending much money at all title. In the article, it talks about how even though millennials seem to like pumpkin spice lattes and avocado toast (guilty, but I make my own for almost half the cost), they’re not really spending much on it. On really anything for that matter. Here is the article.

So what are they really spending their money on? According to the article, it’s healthcare, utilities, and groceries. How accurate is this? Well, I am a millennial living on SSI, so I can’t really afford to spend money on frivolous things anyway because I barely have any money. So what I am spending my money on? Well, Business Insiders is correct. A lot of my money is going towards utilities, groceries, and healthcare since I suffer from one mental health condition. Another health condition of mine is Tourette Syndrome. I received it in my early 20’s. I am special y’all because it’s very rare for that to happen, but it can happen. Enough about my specialness (it’s not too special of a thing). 😛 Back on topic. If my money is not going toward groceries, utilities, and healthcare, it’s going toward misc. things and other things in the budget. The misc. category on any budget can get pretty nuts though! It just depends on the month.

Now let’s break this down. Groceries. I normally spend under $200 on groceries each month for one person because I do buy a lot of fresh foods instead of processed foods. So I make everything from scratch each day. It’s a pain sometimes because I don’t have a lot of convenience food to eat if I am really hungry, but it’s healthier if I prepare food this way. 🙂

Utilities. I have to pay a lot for utilities. Doesn’t everyone? It sucks a lot how much everything is, but you gotta’ pay for everything. : (

And last but not least healthcare. I take two medications whose copays are not that expensive thank goodness (thanking my lucky stars of how blessed I am here). These medications help me “act normal” so it doesn’t look like I have mental illness. Very thankful to them.

And that’s it for those categories. The article also mentions that millennials are just spending money on the stuff I already mentioned by category and our money is not going toward extravagant trips out of the country, eating out, and other leisurely activities. Well, besides the few lucky millennials who can actually afford to go on trips, eat out every night, and splurge on leisurely activities like nail salons and spas, millennials such as myself don’t really do that. It’s not the norm for us, I’m afraid. It’s because WE HAVE NO MONEY. NONE. Nadda, zilch. And what little money we have is going toward student debt, groceries, and mandatory monthly expenses. And even little old me who has hardly any money… If I even had more money, I probably would not spend it extravagantly. It wouldn’t be spent on eating out all of the time, going to resorts in other countries for vacation, or on spas or other leisure activities (well, maybe a pedicure here and there, I guess if I am being honest…).

So, in conclusion… Millennials have no money unless they are the lucky few that do. It’s just a lot of us don’t have any money at all which is a problem in the long run… : (

So what about you guys? Do you think the Business Insider article is spot on? If not, why is that?

 

4 thoughts on “Millennials aren’t spending as much as people thought… Huh. You don’t say?”

  1. Hey Marissa, I like your blog so far. (I linked over from Picky Pinchers.) I enjoy BI too, great articles, but I missed this one so thanks for sharing! I’m not a millennial but I know quite a few and maybe it’s just my area of the country (I’m an east coaster), but the millennials around here seem to spend pretty freely, especially on entertainment (clubs, concerts, etc) so I’m not sure I agree with this article but maybe the article and your experience are actually the norm and the east coast millennials are out of sync. 😀

    Like

    1. Hmm… Well, being as young as millennials are, I’m not surprised they spend money on that kind of stuff. Myself, I don’t go to clubs to entertain myself and expensive concerts are out of reach for me. 😦 Another reason why I don’t seem to fit into my generation. I don’t really like partying. 😛 Outside of my youthful frame, I am just another boring adult, haha. 🙂

      Like

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