Extravagant Millennials


#1

The Business Daily put out an interesting piece last week.

The article talks about how young adults are spending obscene amounts of money on random expenditures.

60k trips, 110k iPhones, 900/= cab rides 5 times a week etc.

I have seen some mentions of similar expenses here so I guess they are onto something.

What are your guilty pleasures? Do you save/invest part of your income? Any regretful purchases?


#2

I have a simple rule to spending. If all the mathematics fail, just make sure your rent is less than a third of your income, then spend a third and save a third. You’ll be set for growth. If you third for spending allows you to buy a phone worth 110k over some time then there’s nothing wrong with that.


#3

This article though, poorly written and poorly researched, couple that with the fact the author chooses to concentrate on the outliers makes me just want to call bs on this one. Nimetafuta hio report imetajwa towards the end nisome nikakosa, if anyone has a link to the study ntashukuru.
That aside, i think everyone here(the forum) blows most of their money on tech, mimi nikiwa mmoja wao. I always try to make sure I stick to my monthly budget(this year saw me start tracking my spending with excel & a really neat app called Daily Pay), this means I have enough left to save(emergency fund muhimu,niko na bank account yenye sina card yake to deter me from touching that money) and invest in some monkey business hapa pale. It’s easier to list the thing I have never regretted purchasing & that is a phone(or rather all smartphones I’ve ever had), I feel it’s the only item I spend enough time using so much so the utility derived far exceeds the cost of the item.


#4

Wise words hapo; Spend 2/3, Save/Invest 1/3.


#5

I think the author was talking about the Ipsos Affluent Survey Africa 2016.

Here is the fact sheet - https://www.ipsos.com/sites/default/files/2016-08/Affluent_Africa_2016_factsheet.pdf

Ipsos uses this research to help companies grow their brands, launch products in new markets etc. It is very valuable information to give out freely.


#6

I was guilty of trips last year and spending on whiskey and wine tis year i have started on a good note by planning before spending and found out i have saved a lot like of my spending in the previous month i saved a whooping 10k which opened my eyes so i plan b4 spending


#7

I am not a millenial but I think the article has a lot of truth to it. Before I stopped buying smartphones, thanks to my job, I would buy a smartphone not costing less than 50k every year, mind you I was in uni.

I had a part-time job that would provide money to shop for clothes, buy pizza every week and such. I think the greatest problem people of my generation have is that we start earning - however little it is, way too early before we have any real expenses and thus we see no problem in blowing up a year savings on the new iPhone, well, because.


#8

I remember buying myself a 10K phone back in the days while I was jobless.
I guess the world is changing and so our ‘wants’.


#9

haha I’d say I’ve wasted lots of monies on Wine. Mimi ni ule msee nlikua like any time a friend says nibuyie wine… pap! nanunua. (I dont buy whisky/vodka though) Last time nilibuy it was like june last year.
Away from that, I think spending is something you learn & tend to rhyme from close people around you.
My best way of saving hence avoiding this huge expenses is write down at least 3 benefits & its disadvantages (Must be long term) of what I aspire to buy. That way makes it easier for me making a decision, and I think this formula has helped me escape much mistakes.


#10

Living In Mombasa and coming from cold Nyahururu has been hard for for me so I splashed some cash on an AC for confort, I currently use the 10K Nokia 2, Sometimes I have to take an Uber if I am in a hurry or just don’t want to take a bike in the day heat,I splash lots of cash on Data, Power, travel and for me I don’ think this is wastage, why would I save moey then have sleepless nights because of the heat?


#11

An AC is almost mandatory in Mombasa. I live along Mombasa Road and the weather here is insanely hot.

Mombasa residents have it much worse than we do. Poleni.


#12

Wow think am learning a lot here


#13

You mentioned something… saving data!.
I used to spend a minimum of 300mb Daily on mobile, today I use less than 20mb per day without WIFI. Viva!


#14

Guilty pleasure? Food. There’s a time I spent 100k on food in a month :sweat_smile:

Now I try to save at least 33% before spending on food


#15

What? How? :joy:

Were you eating at high-end hotels every day? I cannot fathom spending 100k on food.


#16

100k on food alone? How much do you earn bro? :rofl::rofl::rofl:


#17

This was my question too but nikaona lemme not depress myself


#18

You must be pocketing ‘lotsa’ money out there!


#19

I think we all have to agree that a flashy phone and internet is a basic need nowadays.

But dude were you feeding on gold plated beans or something? :thinking::thinking::thinking:


#20

100k? weh, that’s around 3,400 PD, were you having avocado pizza?