How to Stop Throwing Away your Money

A look at young people’s top expenses and how they can become minimalists

The United States is a country where people have a custom of living above their means.

It is ingrained in our society that people should have an entitlement to certain goods.

I witnessed this culture clash on my many trips to see my family in Northern Spain. People from other countries are used to difficult economic times and often don’t even like to spend 5 cents on plastic bags when they go grocery shopping (in Europe you have to pay for them).

Americans live off a heavily credit-based economy where it is natural to purchase a car or complete renovations on a home that they can not yet afford. This appearance of affluence is a source of envy for the whole world.

Americans get among the highest paychecks in the world, but

This could be the result of a phenomenon called Lifestyle Creep, which is when a person’s standard of living improves as their income rises, and former luxuries become necessities. It means, that with more income, people want more luxuries. This can result in high earning individuals living pay-check to pay-check.

This is only compounded by how Americans like to live above their means through the use of credit.

So how can millennials and younger people avoid this tendency when it is an inherent part of our culture?

A good idea would be to recognize the types of luxuries we like to spend on.

Each generations’ idea of luxury is constantly changing. Before, luxuries included extravagant clothing, cable, and even fabric softener. Since then, top expenditures for younger…

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