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Top 5 Ways Millennials Are Wasting Their Money

What are they thinking?

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1) Luxury Gym Memberships

Fitness should definitely be on all of our priority lists and if a gym membership gets you exercising then it's definitely worth the cost. However, luxury gym memberships that lock you into 2+ year long contracts that give you access to a sauna, free tanning beds, or a saltwater pool are not worth the weight you can bench each month.

Many of us end up just on a treadmill or exercise bike and definitely don't get value out of such costly memberships and provided amenities. Most gyms will provide basic memberships for $25 or less per month. If you're really worried about your budget then simply pass on a gym membership and go running in your neighborhood daily.

2) Same Day Delivery

With millennials patience has never really been a virtue. We know what we want and we want it now. Having been spoiled with smartphones and social media we're used to instant gratification.

The toughest part about shopping online is that you want the new clothes you just bought to pop out of your computer so you can wear them right then. Since this isn't possible yet, many of us will fork $30+ on our purchase for the quickest delivery possible. Throw in the additional service fees websites charge and the delivery charges start to add up. When tempted to pay for next-day air just remember that you've gone your whole life without this item and you've survived, what's a few more days?

3) Spending Too Much on Travel

One thing is for sure, millennials have a big travel itch and spend a lot of money to scratch it. They travel more than any other generation, whether it be for business (4.7 times/yr) or for leisure (4.2 times/yr). Last year, millennials spent over $200 billion on travel and that number is expected to increase nearly 20% every year.

Unfortunately, many travelers pay top dollar for hotel reservations and flights even when they think they're getting a deal. According to a study done by ReservationCounter.com, travelers who book last-minute (0-3 days) on average save $39 per night on hotel bookings. Waiting last minute to book can be very stressful, but it's a great way to save. The study also found that booking rooms on your smartphone will give you access to mobile-only rates, which are discounted from standard rates!

4) Senseless Buying

How many times do we head to Target or the grocery store with one item in mind that we need and we end up racking up $100 worth of items? We all tend to put things in our cart that we don't need or ever intended to buy.

The best way to overcome this habit is to go to the store with a shopping list and not deviate from it. That new flavor of Oreo cookies will be tempting, but trust me, you can resist. For the items you do need try and lower the bill using rewards card systems, coupons, etc.

5) Eating Out

When it comes to cooking, the millennial generation is quite frankly lazy. Cooking takes time and effort and nobody got time for that!

Restaurants have definitely taken notice as it appears that millennials are the only people they are interested in catering to. Many restaurants have gone through interior design changes and menu changes to make their food look better on Instagram and Snapchat. They have good reason though since millennials on average spend $174 a month on eating out, according to Restaurant Marketing Labs. That's the most among any generation.

It's pretty easy to forego cooking your own meal and spending $15-20 for dinner from your favorite spot. Throwing together some pasta or an omelet will be a lot faster and cheaper. It's okay to dine out, but you should try and limit yourself as much as possible to save some money.

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