Millennials might be having fun but they’re managing money very carefully
The ‘smashed avo’ generation have it so easy right? You’re enjoying long, expensive brunches every weekend, updating your social media, binging on Netflix, planning your next holiday on Airbnb…life is just one big part-ay!
That’s how Millennials are often portrayed. However, it probably doesn’t come as a surprise that in reality you’re incredibly careful with your money and constantly balancing the cost of living.
So even though your generation is predicted to have the most spending power of any generation in 2020, you’re not out there spending up a storm. Growing up in a time of rapid change has made financial matters pretty complex.
Here are 3 signs you’re definitely a Millennial when it comes to money
1. You’re a savvy bargain hunter
Whether it’s Uber eats, online shopping or a gym membership, you know how to spend wisely and not get ripped-off.
Research also shows that Millennials are actually less interested in purchasing big ticket items like cars and luxury goods. The share economy is expected to increase in years to come.
Access over ownership is more the norm and you’re not as materialistic as older generations might think.
2. You have a very firm monthly budget
It’s natural to be wary of adding any unnecessary dollars to your budget. So while the stereotype about millennial brunches is half true, you’re probably not eating out every weekend.
Maybe you’re saving for a first home, repaying a holiday credit card bill, or just saving for a rainy day. You may even have tried some of the most popular money management apps for Australia, which cleverly track your saving goals and weekly budgets.
3. Your spending habits regularly change
Nobody should dictate how and where you spend your hard earned dollars. Millennials are incredibly powerful when it comes to shaping how companies do business.
However, these spending habits can change a lot in your late 20s and early 30s – shifting priorities might mean updating a subscription or membership for something more important.
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