Millennials tend to have a pretty mixed reputation when it comes to their finances. There are those that are dedicated to finding better ways to manage and save money. Equally, it is troubling to think that 35% of millennials have over $5,000 in concurrent credit card debt. As a Millennial yourself, it’s important to consider what spending habits you might have in common with others that carry such a debt—so you can avoid it. So what are some of the common spending habits of millennials in 2019?
Despite the rising costs of real estate, 1 in every 3 millennials reports having bought a home at the end of 2018. This seems like a good thing but around 63% of those millennial homebuyers express extreme buyer’s remorse, based on the findings of Bankrate. A common reason for that regret is a lack of full understanding regarding the hidden fees involved with purchasing a home. As a consequence, several millennials have found themselves with a costly financial burden. If you’re thinking of joining the millennial homeowner trend, it’s best to approach it with caution.
Things aren’t all bad on the financial front of millennial spending. One thing you have over the previous generations is the fact that over one-third of you have a financial plan set. Millennials are far more likely to build a financial plan with the help of a financial planner, says Rachel Morgan Cautero of The Balance. As such, you and your generation are more likely to be highly discerning of your banking options. Millennials tend to go for banks that give you an advantage like those that do not have ChexSystems.
The one thing that millennials like yourself spend a lot on is dining out. In fact, around 49% of millennials spend more on eating out, according to the data from LendEDU. This is predominantly due to the lack of free time millennials have to cook or prepare food at home. Instead, they are mostly spent working—sometimes for more than one job in order to make ends meet. If you’re spending more time eating out, you may want to reevaluate this and come up with a cost-effective alternative to this costly lifestyle.
Being aware of the common millennial spending habits—especially if you’re a millennial—provides a good opportunity to be self-aware. It’s a good chance to take a good look at the choices others make so you can better plot your own financial journey. Whenever you are unsure if you’re on the right path, always remember that it never hurts to ask for help.
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