It’s a semi-new trend, but everyone is saying it. “You should be spending money on experiences, not things.” The hype continues to spread as quickly as last year’s flu.
That’s because minimalism is desirable. Additionally, we want to live our best life. Splurging on experiences, and ditching tons of stuff seems like the way to go.
But, what if it’s not? Below are a few times when spending money on experiences isn’t worth the costs.
Experiences vs. possessions
The thrill of owning new possessions is taking a slower approach. Society is combating impulse shopping by intentionally owning less. So then, what’s next to spend our money on?
We involve ourselves in doing extra-ordinary things.
We seek tours, travel, and connections with nature. Our smartphones capture as much as they can. We brag that we did something not everyone else gets to do.
And then, we pay for it. A private flying safari will cost 6 travelers about $150,000 collectively.
Millennials spend their money on experiences
Without a doubt, millennials are footing most of the bill. Furthermore, there still seems to be dissatisfaction with the process. When does spending money on experiences feel overrated? Here are 3 of the most common mistakes:
1. Not reading the fine print
As with anything you spend your money on, you should know the details. Marketing is enticing; however, the buzz words used for the advertisement don’t reveal the entire truth. Make sure to learn exactly what to expect in exchange for your money.
2. Not checking reviews
Reviews allow us to learn more about our purchases. Is this going to be worth the money? What did others think after their experience? Check the reviews before checking out.
3. Not considering other responsibilities
Part of every experience includes the aftereffects. It would be disheartening to have an amazing journey in Napa Valley, only to worry about missing rent money the following week. Never forget to cover your basics first.
Where Should Our Money Go?
Money fads will come and go, but saving money will always be in fashion. Achieva Credit Union has amazing options to help you grow your bank account at any age and stage in your life. From planning for your future child, to preparing for a retirement without financial burden, we can offer guidance and support.
While we will continue to spend our money, either on possessions or experiences, continuing to save is always a smart choice.