Young 25-35 year old kids spend well over $1000 monthly eating out and partying (savings, balance)

[southkakkatlantan]

Originally Posted by CaptainNJ

what the heck is kale aid

Kale juice drink lol


It's awesome.

[emcee squared]

I can see that. While I don't go out every weekend, I could easily spend $250+ for a night or two on the town.

[mysticaltyger]

Originally Posted by just interested

My two kids are 27 and 33 years old. They have lots of friends and get together with them nearly every evening after work. Happy Hour and then dinners out. They tell me that most everyone they know who work in professional jobs and don't have kids spend their evenings at happy hour and eating out with friends. At a minimum, they spend at least $1000 a month in these after work social events.

Do you think this is as common with white collar professionals their age who don't have kids?

I don't know if it's common, but if they're in debt, aren't socking away at least 15% for retirement, aren't saving something in savings accounts every paycheck, then they're asking for trouble. In any case, just because everyone's doing something doesn't mean it's a good idea.

[abcdefg567]

When I was 19 I worked as a bookkeeper for a staffing agency. Only one person was over 32...and she kept to herself.

They spent $20k/month on sushi/drinking/restaurants. Guess who got to input all the yucky food covered receipts...for a company with less than 10 in office employees? Me!

Anyways, sometimes it was for a client and most the time it was just a couple people from the office going out every night, every lunch, every weekend to mostly expensive places.

I once found my husband's old bank statements from before we got together...he'd spend around $100/night in just a bar tab..2x a week...plus he only ate out for every meal. That's easily $1000/month. I personally thought it was a waste if money...I'd much rather he saved every penny....but we can't all be frugal or savers by nature.

[mysticaltyger]

Originally Posted by jobaba

I understand that saving $ is a source of pride for some people, but ... life is to be lived.

The happiest cultures in the world don't have their lives revolving around eating at restaurants and other forms of consumerism.

Originally Posted by jobaba

You don't take any $ with you when you die.

Few people are in danger of having tons of money leftover when they die. Many more hit their 50s and are either burned out with their employment situation--or they're booted out--and locked out of good paying employment for the rest of their working years. Their spending on dinners out and other non-necessities could have bought them at least some degree of freedom from their near-complete dependence on paid employment and all the stress that goes along with it.

Life is to be lived, indeed. Some of us don't consider cube dwelling to age 65 (if we make it that long) to pay for dinners out and other frivolities to be much of a life. That doesn't mean all frivolity must be denied, but if you're spending $1k a month on such frivolities and you're not saving/investing at least the same amount every month (and I think that's a low estimate), then you're doing it wrong. Odds are, you'll regret it. I've seen it first hand with friends and family I know.

[mysticaltyger]

Originally Posted by cheezball

Knock of with all that baloney! Let's get back to talking about how irresponsible millennials are!

In all fairness to millennials...I see people of every generation blow money on stuff they shouldn't. Heck the Baby Boom generation espoused consumerism to the Nth degree. If anyone wonders why Millennials spend a lot--just look at their parents. We haven't had a reasonably frugal generation in America since the pre-Boomer Silent Generation.

[calnbs]

That's a lot of money that can be put into retirement. Just do the math....The money spent X years X interest rates....that is a lot of money they will one day regret spending it.

[KathrynAragon]

My friend's sister did this:

Partied in the corporate/single world till she finally decided she wanted marriage and kids in her forties.

Had her first child at 46 after several years of trying. Twins at 49. Yes - twins at 49. Now she's in her fifties and trying to balance marriage, career, and child rearing. Trust me when I say you don't have the energy at 55 that you have at 25.

She had a lot of "experiences" and I hope those tide her over as she struggles through the next ten to fifteen years. She will be over 70 years old when her twins are in college. Hope she's managed to save for both their college AND her retirement because I doubt they will be able to support her in style while they are in their 20s and 30s or even their 40s if they embrace the same lifestyle she did.

[evening sun]

It's their money, they can spend it how they want.

[galaxyhi]

Originally Posted by just interested

My two kids are 27 and 33 years old. They have lots of friends and get together with them nearly every evening after work. Happy Hour and then dinners out. They tell me that most everyone they know who work in professional jobs and don't have kids spend their evenings at happy hour and eating out with friends. At a minimum, they spend at least $1000 a month in these after work social events.

Do you think this is as common with white collar professionals their age who don't have kids?

I spent my mid 20s , and even late 20s living it up, alcohol included. I spent my share of dollars down the drain.

BUT I also held down two jobs, went to two full load semesters of college, AND saved like mad for retirement and general savings.

But by age 33, I was met with several medical conditions, most continuing to this day 21 years later.
I had no insurance for a time, and went through ALL savings and retirement paying both the regular bills and medical bills. I ended up homeless, too.

I suppose every one does some living it up, as long as they are dutifully saving for the future, I see no need to worry.

I believe the 20s are generally a period of growing maturity, between the immaturity of the teen years and the maturity of 30-something's when they begin to plan for a future, get married and "settle down".

I have long held the belief that we keep kids kids too long, no parent wants to believe their little Sammy or little Sally has actually grown up as the years of childhood are rather short.
Many parents don't believe their 20-something's can actually make "mature enough " decisions, even though they ARE adults.

Let them live it up OP, but gently turn a conversation or two to how well they are planning for the future of their retirement, perhaps by pointing out mistakes you may have made along the way in your own planning.
Perhaps via a good consistent family Sunday evening dinner, you could point out how much is saved by eating at home, and the joys of cooking yourself, in fact get them deeply involved in a regular meal prep. Maybe subtle hints along the way without browbeating them will work.

If not, like when they first touched SOMETHING HOT, or their first fall, let it happen in their 20s then offer gentle corrections in their 30s.

These,are only suggestions, and perhaps not what you were looking for, but that's how I see it as a been there, done that, done growed up big boy who has erred in his past youthfulness.

OP, they'll figure it out eventually. Just remain standing in the bushes as they play, in case of, and then let them fall. Just be ready to run in with the bandaid!

We all have gone through phases of our lives, and it's hard to remember out own mistakes in our more youthful years.