A new survey from LendEDU shows what millennials are spending their money on, and it’s saving for retirement is not much of a priority for many of them. In fact, 49 percent of spend more money eating out than they do saving for retirement. That 49 percent spends around $163 a month on restaurants and dining out.
More so, on average they are spending $281 per month on groceries. Wait, what?! I spend $175 a month on groceries, what the heck are you buying that jacks your monthly cost up so much?
Here’s the breakdown:
• $38 per month on coffee
• $75 per month on alcohol
• $39 per month on marijuana
• $281 per month on groceries
• $49 per month on concerts, sporting events, and other events
• $43 per month on tobacco, vaporizer, or JUUL products
• $7 per month on music streaming services
• $23 per month on gym or exercise expenses
It’s probably a good idea to take the money from a few times you would be dining out and put it away for retirement, because social security is basically going to be non-existent. It already looks that way for Gen-X’rs. -GM