I’m 23 and graduated last year and was offered a full time position making decent money out of school. I’ve come to notice that ever since taking the job a lot of my peers constantly hint that I should be spending every dime I make on a new car, clothes, going out every weekend etc. At first I was pretty bad since I live alone am lucky enough to debt free and don’t have any obligations outside of monthly bills which leaves me with decent amount of wiggle room. I’m usually left with around 500$ every month and instead of investing/saving I would spend most of that 500$ for the first while. I’ve come to realize there’s better places to put my money.
I’ve noticed that a lot of people my age have very short sighted goals when it comes to money. Instead of taking that extra cash every month and investing in retirement, emergency fund etc. we tend to blow it on useless crap that we think will get us notoriety among our peers. There’s probably a lot to blame for this mind set (social media etc etc.) that I won’t get in to. Not saying every millennial does this but it’s something I’ve noticed through my friends, and just in general.
I’m definitely not saying don’t treat yourself every once and while but 100$ a month spent on stuff you probably don’t need versus 100$ a month in a savings or retirement account can go a long way. Don’t let peer pressure make you look back and wish you saved more!