When the cost of nearly everything is on the rise it can be difficult for young Canadians to imagine putting money aside for wants, rather than solely for needs
However, spending on the ‘fun’ things in life isn’t an impossible reach for Millennials and Gen Z, say experts — it might just require sacrifice and a new outlook.
Succumbing to this kind of pressure — oftentimes from multiple sources, including family members and socially ingrained ideas of ‘success’ — is something 34-year-old Montreal resident Jesse Kennedy said he has had to work through over the past several years. However, as time went on, Kennedy realized he would need to make some serious changes if he wanted financial stability. He went back to university, worked multiple jobs at a time to pay off outstanding debts, and managed to buy a condo in Charlottetown — all while finding a way to still save and spend on fun.
“If you live in a big city, like Toronto or Vancouver, you’re going to need to put more money towards living expenses,” he said. “And if you want to buy a house earlier on, then you’re also going to need to prioritize accordingly — because the simple reality is that every time you spend on something fun, it takes away from putting it towards something you need.”
In fact, he emphasized the importance of attaining the kinds of experiences that are only possible while one is young — like travelling extensively without the stress of a full-time job, or going out on weekends without having to worry about child care. “If you like eating out, that’s great, but maybe a more budget-friendly thing for a foodie would be learning how to cook,” he said. “But of course, it always comes back to what’s most important to you and what you will and won’t cheap out on.”
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