Millennials make up a good chunk of the population and have major spending power. While research suggests that millennials are pretty good at saving towards bigger financial goals, they can also be heavily influenced by social media, leading to unnecessary spending. You don’t see many Instagram posts about your friend’s shiny new tax-free savings account. We’ve highlighted five “lifestyle products” that may be depleting your cash.  

 

 

CONVENIENCE MEALS, TAKEAWAYS AND DINING OUT

In a fast-paced world, convenience and instant gratification are great, but it comes at a price. Now, no one's suggesting cutting out tapas and takeaways completely.

 

SOLVE: Stay in with friends more often and start a food club where you can all learn to cook new dishes.

 

HIGH-END HEALTH CARE

This could include expensive smoothies and juice shots, the latest skin cream craze or pricey supplements.

 

SOLVE: Try this first: Invest in a blender, add lots of fruits and vegetables to your shopping basket and drink plenty of water… in a reusable water bottle of course.

 

OPTIONAL SUBSCRIPTIONS

From online publications, multiple streaming services to apps on your phone that require a monthly fee, you may have a number of monthly subscriptions you’re not getting the most use out of.  

 

SOLVE: Do an audit on your subscriptions to determine which ones you’re getting the most value from and which you should cancel. Make sure to read the fine print to check for any cancellation penalties.

 

FAST FASHION

Did you know that a lot of chain stores get new stock every two weeks? That means that there is always something new to catch your eye and it’s pretty much impossible to keep up. Millennials are tech-savvy, so add online shopping into the mix and credit card debt and interest become a real threat.

 

SOLVE: Unsubscribe to those promotion emails and head out for a hike instead of hitting the mall.

 

 

 

ARTISAN COFFEE

Millennials spend so much money on their premium quality coffee that it deserves a category all on its own. If you’re picking up a freshly brewed cup every day or even just a few times a week, you could be spending R400-R700 a month.

 

SOLVE: We don’t suggest quitting the artisan circuit cold turkey but try your hand at perfecting a home-brew to enjoy at least half the time. Bonus: you can pick up that cute travel mug you’ve had your eye on.

 

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