A new study says that the average Millennial eats out five times a week, and their love of spending makes it harder for them to develop a savings habit.
A study conducted by Bankrate.com says that Millennials are falling victim to common financial vices, like spending money on eating out.
And it's not all their fault, since the growing popularity of online ordering service like Postmates, Uber Eats and Grubhub, make ordering food and avoiding supermarkets easier than ever.
Bankrate says its data shows that 29% of Millennials say they buy coffee at least three times per week, 51% go to a bar at least once a week and 54% eat out at least three times a week or more -- and the costs add up.
By comparison, 59% of Americans say they don’t purchase any brewed coffee per week, 73% say they don’t drink at bars as a matter of habit each week and 40% say they only buy take-out once a week.
One money expert (Grant Sabatier, founder of Millennial Money, a personal finance blog) says, “The average Millennial drinks more coffee and spends more on coffee per year than saving for retirement."
One college student explains, “Eating out is more than just food it's about the experience. It's worth it to pay a little bit extra to go to a restaurant with a super cool roof deck or an outdoor patio.”
The expert advises finding a budget system, like envelope budgeting: allocating a monthly, predetermined amount of cash for each expense and putting it in an envelope.
It's the little expenses that add up.