Millennials are developing some expensive habits

Despite living through the Great Recession, millennials are now developing some expensive habits, suggests some new data.

Bankrate found that millennials are falling victim to common financial vices, such as spending money in coffee shops, racking up bar tabs or frequently dining out. The average millennial dines at a restaurant or buys take-out food five times per week and 29 percent of millennials say they buy coffee at least three times per week. While these habits may seem harmless, those frequent coffee shop visits can take a toll on your budget.

Fortunately, Americans are doing a better job with these pricey habits than one might think. About 59 percent of Americans say they don't purchase any brewed coffee or tea in a typical week. Furthermore, 73 percent say they don't buy any alcoholic drinks at bars or restaurants each week and 40 percent say they buy take-out or dine at a restaurant no more than once per week.

However, millennials aren't following the example set by their elders. More than half of younger millennials eat out at least three times per week, compared to just 33 percent of Gen Xers, 32 percent of Baby Boomers and 25 percent of the Silent Generation.

With more money going toward cravings and less to savings, millennials are neglecting an emergency nest egg. A good first step would be to cut back on eating out and putting that money into your savings. If you’re consistent over time you’ll soon reap the benefits of big savings.

Travis Credit Union cares about the financial well-being of our members, which is why we offer a range of savings, certificate and money market accounts that help you manage your day-to-day finances and help invest for the future.

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