Millennials Are Going Into Debt Just To Keep Their Social Lives Alive

This probably comes to no surprise, but most millennials are broke. We’re stereotypically irresponsible and terrible planners. Most are up to their ears in school loan debt and trying to secure their careers.

Some of the stereotypes are true, but I also have a soft spot for #thestruggle, because I’m a millennial, and I get it to an extent. It’s hard to get “ahead,” but hey. Others have done it before. I know the circumstances are different, but it can be done. Of course, we live in a world of immediate satisfaction. We want everything and we want it NOW. It’s a cultural thing, and it whether we like it or not, it affects all of us.

I don’t have it all figured out yet, but I’m trying. I’ve always been an avid saver. I’ll “blow” money on coffee, but I’d like to think I’m responsible ENOUGH. I pay my bills and save the rest so I can pay my stupid taxes, pay off my car and buy a house. (The other day, one of my friends looked over at me and said, “Hey. Do you ever think about what you’re going to do about retirement?” We both blankly stared at each other and laughed. I had no answer.)

The thing is, most millennials aren’t even THINKING about that. At least, not according to this Forbes article. Most millennials are going into even MORE debt, all to keep their social lives LIT.

We all have those friends (or random social media acquaintances) who are always jet-setting on a fabulous vacation, eating at the hottest restaurants, wearing the latest fashions and are all-around living a #blessed life.

How do they do it? Maybe they have a killer salary, maybe they’re great at scoring a deal — or maybe they’re going into debt.

It turns out, nearly 40% of Millennials have spent money they didn’t have and gone into debt to keep up with their peers, according to a recent Credit Karma survey.

Expenses range from experiences, like travel, parties and nightlife, music and sporting events and weddings, as well as food and alcohol, clothes, electronics, jewelry and cars.

And even if they’re not in serious trouble yet, 36% of respondents doubt they can keep up with their friends’ spending for another year without going into debt.

I know a lot of what we see on Instagram is fake. It’s what people WANT you to think their #fabulous lives are like. Sure, sometimes they’re legitimately rich. Other times, they join the cast of the Bachelor and Bachelorette and find stardom that way. Whatev. But more often than not, these millennials are just going into mega debt for the sake of having a good time NOW. See? It all goes back to that instant gratification thing. I’m not saying we shouldn’t have a good time, but it’s all about BALANCE. Yes– we’re young and most of us don’t have kids and aren’t married and should enjoy “freedom” while we can, but also…be responsible.

In case you haven’t figured it out by now, I’m pretty weird for a millennial. I never had a party stage or rebel stage or boy crazy stage or boozy stage. I went through a “buy converse in ever color and pants in ever color and vests in every color and play every instrument possible and save all my money” stage. During my high school years, I asked my dad if I could go to a teen club for my friend’s 18th birthday, and he said no even though I begged him. One of my closest friends (who’s a lot like me in a lot of ways) went and said it was the worst thing she ever experienced. Oddly enough, her crappy time made me feel better. I didn’t feel like I missed out on anything. Looking back, I’m extremely grateful for a dad who’s unmoved by puppy dog eyes.

ANYWAY, because of my natural tendencies, I never really wasted money on having an “adequate” social life. My idea of a good time was and is watching “Pitch Perfect” or “The Bachelorette” with a tub of Magnum Crackable ice cream and buying candles in Ross. Can I get an amen, Kimber?!

I know I got a little sidetracked, but the point is, most millennials are going into debt, all for the sake of a good Instagram picture. They want to prove they have “glamorous” social lives. It might feel like it’s worth it now, but it’s gonna bite ’em in the long run.

You don’t need to spend a gazillion dollars to have a good time with your friends.