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5 Self Help Books That Are Actually Worth Reading
5 More Things I Stopped Buying To Get Out Of Debt ($3000+)
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3 Budgeting Hacks That Don't Suck
This is an excerpt from my upcoming budgeting guide. The full chapter includes 6 different hacks. You can find it HERE when it becomes available.
6 Things Gen X Wastes Money On, According To ChatGPT
Recently, I took a look at how both Gen Z and Millennials waste their money. This week, we’re going to look at Gen X with the help of ChatGPT.
Gen X is often referred to as the “forgotten generation”. Still too young to comfortably retire, but not young enough to set many trends, Gen X is currently sandwiched between caring for aging parents and supporting their almost/fully grown kids.
As a generation, they’ve been through a lot. In particular, Gen X has been unwillingly subjected to multiple recessions and a constantly rising and falling housing market. Because of this, Gen X are typically cautious when it comes to money. But that doesn’t mean they are immune to wasting it.
1. Cable AND Streaming
I thought this one was a bit silly upon reading, only to discover that Gen X spends a significant amount of money on both cable television and streaming services. While some have realized their financial mistake and cancelled one or the other, many Gen X are still spending money on redundant entertainment services.
Sometimes it seems like having more of these will give a person more options, when it really it just eats a whole in their wallet.
2. Brand Loyalty
I can’t even blame them for this one- if a brand treats me right, they’ve usually got me for life. But there is definitely a thin line between staying loyal and wasting money to avoid change. About 50% of Gen Xers stay loyal to their favorite brands.
My favorite example to use here is groceries.
Many name brand items you can buy use the same or very similar ingredients to generic and no-name brands.
You can even see this in more unconventional categories like makeup. Instead of going for the pricey face lotions at Sephora, you can find what is essentially the same product at Walmart for much less.
6 Things Millennials Waste Their Money On, According To ChatGPT
Recently, I took a look at my own generation’s spending. I was able to vouch on many categories because of my experiences as a Gen Z.
For this article, I decided to ask ChatGPT what it thinks Millennials waste the most amount of money on and fact checked it’s answers. Here’s what it said:
1. Subscriptions
Millennials have quite literally been dubbed the “Subscription Generation” in past times. With an average of 5.5 subscriptions per person, it’s no shocker to hear that millennials also spend over $100 on average on subscription services.
Subscriptions can feel cheap individually. But when you have several $10 subscriptions per month, that can add up fast.
2. Convenience Spending
Similar to Gen Z, Millennials just really don’t like cooking at home.
And with the abundance of apps like UberEATS and Doordash, it’s easier than ever to get whatever you want delivered straight to your house. But just like gen z, millennials are overspending heavily in this category. A study by LendingTree found that Millennials actually spend the most per month compared to other generations, at about $575 a month. Or… $6,900 a year.
3. Overpriced Self Care Products
Millennials spend the most on wellness products — think machine guns, beauty treatments, etc- at about $115 per month. Don’t get me wrong, I love skincare and treating myself at times, but a lot of the treatments we see hyped up are simply exaggerated pseudoscience.
5 Things Gen Z Spenders Waste Money On (According To A Gen Z)
Forbes once called Gen Z the biggest online spending power in history. With their purchasing power expected to increase to 12 trillion by 2030, it is no surprise that Gen Z is a huge and powerful market force. On the other hand, Gen Z also marks the generation with more consumer debt than any other generation.
As a certified early Gen Z myself (2001, baby), I can’t say I was shocked to hear that the average member of this generation has over $90,000 in debt. I’m not even a stranger to this myself, having faced both credit card debt and student loans. We are not exactly known for our financial wisdom.
And while part of this has to do with out of control inflation and rising housing costs, some of it also has to do with what we are spending (or wasting) our money on. We have been making efforts to try and control our spending in certain areas, but still fall short in quite a few areas.
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