Millennials are known to be the generation that values experiences over material possessions. However, they still make certain purchases that leave them with a feeling of regret.
These purchases can range from expensive gadgets to trendy clothes. In this article, we have compiled a list of 10 purchases that millennials wish they could take back.
If you're a millennial or know someone who is, this list might help you avoid making the same mistakes. So, without further ado, let's dive in!
1. Luxury Cars
Luxury cars are often seen as a status symbol, especially among millennials trying to prove themselves in their careers or social circles. However, the high cost of owning and maintaining a luxury car can often lead to regret.
Not only do these cars come with a hefty price tag, but they also require expensive repairs and maintenance. In addition, the value of luxury cars depreciates quickly, which means millennials who buy them often lose a lot of money in the long run.
2. Designer Clothing
While it may feel satisfying at the moment to spend money on an expensive designer outfit, the cost of these clothes often doesn't justify their value. Not only do they come with a high price tag, but they also tend to go out of style quickly.
For many millennials, the money spent on designer clothing could have been put towards more practical purchases or experiences. As a result, many millennials often regret their purchases of designer clothing.
3. Timeshares or Vacation Club Memberships
Buying a timeshare or vacation club membership might seem like a great idea at first, but it's a purchase that many millennials end up regretting.
These purchases often come with hidden fees and restrictions that can make it challenging to use the property or take advantage of the amenities.
Additionally, your travel plans and lifestyles can change rapidly, making committing to a particular vacation spot or schedule difficult.
4. Big House
It's one of the common dreams of millennials – to buy a big house and fill it with friends and family. However, this purchase can quickly become a burden if you don't have the financial means to support such an expense.
Your financial needs and priorities can change anytime, and it can lead to regret if you're stuck with a large mortgage payment that you can't afford. Also, maintaining a big house can be expensive, and it's often difficult to sell one if you need to move somewhere else.
5. Trendy Expensive Tech
Like fancy clothes and expensive cars, trendy techs are also subject to social status, and millennials tend to fall for that. However, most of these techs come with a steep price tag, and they often don't perform as advertised or become outdated quickly.
This can leave the buyer feeling like they should have spent their money on something that was overhyped and underwhelming.
6. A Degree in a Field That Doesn't Lead to a Desirable Career
Another thing that millennials often regret is a degree in a field that doesn't lead to a desirable career.
It can be tempting to pursue higher education in the hopes of getting a better job, but it's essential to research and ensure that the degree you're seeking will help you get the desired job.
Otherwise, you could end up spending a lot of money on tuition and then feeling regretful when you can't find a job in the field. Also, your passion matters because even if you find a career in the field, it might not fulfill you.
7. Overpriced Gym Memberships
Keeping yourself fit and healthy is necessary, but you can still pay a hefty price for gym memberships. Many millennials regret signing up for expensive gym contracts as they often end up not utilizing them fully or getting bored with the same exercises.
It's important to take the time to research and find an affordable gym membership that fits your needs and budget. Additionally, many classes and activities, such as outdoor and online classes, don't require a gym membership.
8. A Pet That Requires a Lot of Time, Money, and Attention
Getting a pet is a wonderful feeling, but sometimes it can lead to regret if you don't consider the amount of time, money, and attention your pet will require.
Many millennials get pets based on impulse and then realize later that they can't handle the responsibility.
For example, who will take care of your pet if you plan to go on a vacation or a work trip? If you don't have someone to look after your pet while you're away, it can be hard to commit to having one.
9. Expensive Vacations
It's okay to go on a vacation occasionally, but considering your budget and planning is essential. Many millennials go on expensive trips that leave them in debt for a long time.
It's best to research different options and find an affordable yet enjoyable vacation spot that matches your needs and budget. You can also look into alternative accommodation options such as Airbnb or hostels instead of a luxurious hotel.
10. Fine Dining Experiences That Don't Live Up to The Hype
Fine dining experiences can be a great way to celebrate special occasions and treat yourself, but they sometimes fail to live up to the hype. Many millennials regret spending large amounts of money on fine dining experiences that didn't give them the satisfaction they expected.
It's best to research different restaurants in your area, read customer reviews, and research before booking a table at an expensive restaurant. That way, you can ensure that the experience will be remembered.
Beware Of Your Purchases
By being aware of the purchases that some millennials regret, you can make smarter decisions in your spending habits. Always ask yourself if the purchase is an investment or just a fad. So make sure to do your research and think twice before buying something.
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I’m Steve. I’m an English Teacher, traveler, and an avid outdoorsman. If you’d like to comment, ask a question, or simply say hi, leave me a message here, on Twitter (@thefrugalexpat1). Many of my posts have been written to help those in their journey to financial independence. I am on my journey, and as I learn more I hope to share more. And as always, thanks for reading The Frugal Expat.
