Minor expenses can cause major financial problems.
“Millennials are falling victim to common financial vices, such as spending money in coffee shops,” according to a new study by personal-finance site Bankrate.com. The average millennial dines at a restaurant or buys take-out food five times per week and nearly 30% of this age goup say they buy coffee at least three times per week. More than half of millennials (54%) eat out at least three times a week, compared to roughly one-third of Generation X-ers and baby boomers.
“Often, it’s the minor, habitual expenses, such as take-out and alcohol, that wreak havoc on your budget,” Sarah Berger, a financial analyst at Bankrate, said. “Preparing meals at home and brewing your own coffee can add up to big savings.” Some 59% of all age groups say they don’t purchase any brewed coffee or tea in a typical week and 40% say they buy take-out or dine at a restaurant no more than once per week. But that doesn’t mean they’re all cooking at home.