When the cost of nearly everything is on the rise it can be difficult for young Canadians to imagine putting money aside for wants, rather than solely for needs.

However, spending on the B次元官网网址榝unB次元官网网址� things in life isnB次元官网网址檛 an impossible reach for Millennials and Gen Z, say experts B次元官网网址� it might just require sacrifice and a new outlook.

B次元官网网址淲hat weB次元官网网址檙e used to in the past is completely different from what weB次元官网网址檙e seeing today,B次元官网网址� said Barry Choi, a personal finance, travel and millennial and generation Z money expert at moneywehave.com.

B次元官网网址淏eing able to travel and eat out while affording life comfortably is becoming harder and harder, and combined with the FOMO a lot of people might get from what people are posting online, itB次元官网网址檚 understandable that so many young people feel theyB次元官网网址檙e falling behind in savings and fun.B次元官网网址�

Succumbing to this kind of pressure B次元官网网址� oftentimes from multiple sources, including family members and socially ingrained ideas of B次元官网网址榮uccessB次元官网网址� B次元官网网址� is something 34-year-old Montreal resident Jesse Kennedy said he has had to work through over the past several years.

While in his 20s, Kennedy worked various jobs in Prince Edward IslandB次元官网网址檚 restaurant industry. Throughout those eight years, his paycheques and tips found their way out of his grasp almost as soon as they fell into it.

B次元官网网址淏ecause it was a cash-based gig, I would walk into a clothing shop and drop 350 bucks on a couple of pairs of pants and some shirts, and wouldnB次元官网网址檛 even think twice about it,B次元官网网址� said Kennedy. B次元官网网址淚 figured I could just make it all again the next weekend.B次元官网网址�

However, as time went on, Kennedy realized he would need to make some serious changes if he wanted financial stability. He went back to university, worked multiple jobs at a time to pay off outstanding debts, and managed to buy a condo in Charlottetown B次元官网网址� all while finding a way to still save and spend on fun.

B次元官网网址淭hankfully, I was in a province that had a lower cost of living and gave me the opportunity to do all these things,B次元官网网址� he said, B次元官网网址渂ut for me, it was really a matter of realizing what was important to me in that time, managing my expectations, and making my money decisions based on that.B次元官网网址�

Choi echoed this sentiment, stressing that the most important aspect of spending on fun is realizing what is realistic given oneB次元官网网址檚 circumstances and managing oneB次元官网网址檚 expectations accordingly. Spending on things like travel, entertainment and eating out is certainly possible, but exactly how much one spends on those things is almost entirely up to the individual.

B次元官网网址淚f you live in a big city, like Toronto or Vancouver, youB次元官网网址檙e going to need to put more money towards living expenses,B次元官网网址� he said. B次元官网网址淎nd if you want to buy a house earlier on, then youB次元官网网址檙e also going to need to prioritize accordingly B次元官网网址� because the simple reality is that every time you spend on something fun, it takes away from putting it towards something you need.B次元官网网址�

According to Choi, that means understanding that one may not be able to go on a vacation once a year like their parents did, or eat out twice a week like their wealthier friends might be able to B次元官网网址� but that doesnB次元官网网址檛 mean the average young Canadian has to miss out entirely.

B次元官网网址淓ven if youB次元官网网址檙e only saving a small amount for the fun stuff, something like $50 a month can get you a really nice vacation after two or three years,B次元官网网址� he added.

In fact, he emphasized the importance of attaining the kinds of experiences that are only possible while one is young B次元官网网址� like travelling extensively without the stress of a full-time job, or going out on weekends without having to worry about child care.

B次元官网网址淔inding ways to get the experiences you want B次元官网网址� is a great way to go about making sure you donB次元官网网址檛 miss out on life just for a bigger RRSP,B次元官网网址� said Choi.

Seeking out paid positions abroad or being smart with discounts on entertainment and restaurants are two things Choi recommended. However, he added that finding a way to make oneB次元官网网址檚 hobbies cheaper is probably the best way to go.

B次元官网网址淚f you like eating out, thatB次元官网网址檚 great, but maybe a more budget-friendly thing for a foodie would be learning how to cook,B次元官网网址� he said. B次元官网网址淏ut of course, it always comes back to whatB次元官网网址檚 most important to you and what you will and wonB次元官网网址檛 cheap out on.B次元官网网址�

This is something Kennedy has taken to heart, especially in the current early years of his finance career. While he has definitely made sure to cut down on frivolous spending and chosen hobbies that cost little, he said he has still managed to find ways to splurge on whatB次元官网网址檚 important to him B次元官网网址� including a trip to Bali, where he was able to meet his partnerB次元官网网址檚 extended family.

B次元官网网址淭he trip was pretty expensive, but I wouldnB次元官网网址檛 change it, because we both had this amazing experience that we could probably only do in this time frame of our lives, and was equally affirming because it was the first time I let myself do something like that from a financial standpoint,B次元官网网址� he said.

B次元官网网址淪o I think it really comes down to what youB次元官网网址檙e going to get from what youB次元官网网址檙e spending B次元官网网址� tangibly, but also emotionally.B次元官网网址�

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