Since living on my own and attempting to trim any unnecessary expenses from my budget, I’ve observed a significant shift in how I spend my money in comparison to how my elders would have spent it. As a Millennial, gone are the days of pouring money into long-term commitments and hefty contracts amongst other prehistoric expenses. As such, here are the 8 things that Millennials won’t spend money on anymore.
- Home Phone Line
Why pay for a home phone line when your smartphone is constantly glued to your side? Millennials are skipping on the added expense of a home phone line in lieu of utilizing their mobile phones as their sole means of communication.
- Cable TV Packages
Blessings like Netflix and Android boxes have increased our access to a whole world of entertainment options. As Millennials, we could not be more grateful for the widening assortment of more budget-friendly alternatives to cable TV available.
- Music
While Millennials may be spending their hard earned money on music festivals, concerts and live performances, they are no longer purchasing recorded music in the form of CDs or digital download. Instead, Millennials are opting for satellite radio packages and music streaming services like Spotify.
- Fast Food
Move over McDonald’s! Millennials care about the food they are putting into their bodies. A trip to a national fast food chain is less common with the increasing availability of healthy food options popping up that can accommodate a number of dietary restrictions.
- Hotels
Today’s travellers have a wide array of budget-friendly hotel alternatives to choose from when planning their accommodations. From Air B&B to hostels, these options provide a much more reasonable price tag along with the adventure and sociable aspects that Millennials crave when travelling.
- Vehicles
If you are a Millennial living and working in the city there is little reason to own a vehicle and endure all of the expenses associated with vehicle ownership from maintenance to insurance. Rental companies and ridesharing services like zipcar have made accessing a rental car or truck both convenient and affordable with the tap of your smartphone.
- Long-Term Investments
Millennials are all about living in the now and gaining satisfaction from the fruits of their labour. While saving for a rainy day is still a necessity, once the essentials are covered you’ll find Millennials spending excess cash on gratifying experiences rather than investing in the future.
- Donations
Rather than giving money in the form of a donation to charities, Millennials are opting to roll-up their sleeves and lend a hand by doing volunteer work. With giving always in fashion, Millennials are more conscious of the brands they shop and are opting to support fashion labels and retailers who give a portion of their sales to support a cause.