This weekend, I bought a sun hat.
It’s floppy, red and entirely unnecessary.
But, in my mind, it was a completely justified purchase.
It was fewer than $15. And it would come in handy for my beach trips this summer. Let’s be honest, no matter how much SPF 50 I slather on, I burn like a lobster. So up to the cashier with me it went.
I’m not suffering from buyer’s remorse, so much as questioning my judgment when left to my own devices at the mall.
But apparently, I’m not alone. Time recently published an article detailing the spending habits of my generation in this aptly titled article, “Millennials Are Biggest Suckers for Selfish Impulse Buys.”
The article cites stats from a recent report from The Checkout, including this startling one: Millennials are 52 percent more likely than any other generation to report making impulse purchases simply to pamper themselves.
Time also cited the recent USA Today article “Millennials struggle with financial literacy,” which says the average millennial has $45,000 in debt. That’s a lot of sun hats.
One of my favorite blogs, The Billfold, features frequent posts by 20-something Logan Sachon. She shares various emails from financial institutions, her struggles with budgeting and honest chats with her dad about money.
The website also showcases articles by young people who are responsible with their finances, but something about Logan’s struggles makes me feel like my looming student loan debt isn’t so bad. My bills are paid on time, I contribute to my 401k and I have some funds stashed away for a rainy day. But I do, admittedly, fall for the impulse-buying trap from time to time.
They’re never big purchases — and they always fit in my budget. The occasional manicure, pair of shoes or dinner and drinks with friends isn’t exactly breaking the bank.
And, in the end, I know the money I spent on the hat could have gone to something better. But I also know a $12 purchase is not the end of the world.
Or so I justify.
Fellow 20-somethings, do you also fall for the impulse-buying trap? Would you consider yourself to be financially savvy or do you struggle to keep a balanced budget? Leave a note in the comments section.
