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It’s Okay to Live Paycheck to Paycheck as a Young Millennial

We’re all too familiar with the feeling of scraping up all the leftover change we have down to the last penny right before our next paycheck comes in. Your two-week cycle includes having consecutive dinners out and then eventually cutting down meal servings a few days prior to payday. How thrilling; sort of.

If you never struggled with finances, did you even experience being twenty-something? Money is meant to be spent and stressed about. It may make the world go round, but we weren’t put in this world to live like everything revolves around wealth.

For most of us average millennials, saving up means constantly having to saying “No”. We suffer from “fear of missing out” (FOMO) on what could have been once-in-a-lifetime experiences. Considering you don’t have mouths to feed and kids to raise yet, would you really rather pay more attention to your savings and bank account instead of savoring your pre-adult years?

What they say about having it all figured out in our twenties is not all that.

•Our limits are tested and we learn how to make do with what we have

In short, we live within (and sometimes below) our means and are totally okay with it. We all start from the bottom of ANY ladder. Being financially restricted is just a phase. Don’t worry, every pay day serves as a reset button.

The value of fixing things rather than throwing them away has also become common to us. We’ve even resulted to buying and using second-hand when it comes to items like clothes, furniture, and even cars. Buy-and-sell opportunities are nothing short of helpful.

•We’re more comfortable about taking risks

Admit it – you can no longer remember how many times you’ve gone on spontaneous trips or “treated yourself” on impulse. Will those few paychecks really affect your overall net worth and wealth 30 or 40 years from now? Not really. So go ahead, make bets. Take risks. But stay cautious of the consequences that may arise, especially when it comes to safety and healthcare.

•We get to spend more time with our parents

Living in a multigenerational home has many benefits. Not choosing to leave our nests (or moving back in) in our twenties is an economic necessity. Provided that you have a good relationship with everyone, cherish the extra time you get to spend with your family. 

There’s a sense of satisfaction that comes with being able to help your parents while you still live under the same roof. Little things like running errands on their behalf and partially contributing to expenses are more fulfilling than you think. Because you have less to spend, living at home will definitely help you realize the value of money. There’s nothing wrong with going back home to find our footing again, but just keep in mind that being content because we’re scared to face the uncertainty of the future is unacceptable.

•Lesser chances of depression and illnesses

The more obsessed you are about saving money, the more depressed you get. Invest when you’re ready; not just because everyone else is doing it. When money goes into our savings accounts, we should feel accomplished, rather than empty. Don’t be a slave to saving and sleepless nights worrying about bank statements.

•We have more time to plan out our futures

Seeing that most of our money goes towards education, being in debt in our twenties is proof that we’re still a little too busy trying to pay off our student loans. Develop a positive mindset. As long as something (particularly money) was used for the sake of your education and learning experiences (including travel), it’s not a waste.


Yes, our safety nets might be less stable than others’. You don’t have to completely sacrifice the current “you” for your far-off future self. It is possible to save what we can (no matter how minimal) and not feel deprived. Your greatest investment will always be yourself. We are worth spending our own money on.

Living within your means is a skill that many underestimate, but one we’ve become experts at. Having barely anything to lose makes us ready for anything else life throws at us. Having limited savings may not sound so appealing, but at least we make sure to save a portion of it for back up, no matter how little.

We have the remainder of our lives to save up and do all the things the adult life requires us to do. Being a frugal millennial may not be full of glamour and glitz but at least we’re living life the way we want to. What a great time to be part of the Generation Y.

Here’s to hoping our 60-year-old selves will be proud of us. 

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  • Tiffany Pham
    Tiffany Pham Founder & CEO, Mogul
    7mo ago

    Loved this!

    Loved this!

    • ayahgranada
      7mo ago

      Thanks Tiffany! I really enjoyed writing this too :) 

      Thanks Tiffany! I really enjoyed writing this too :) 

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Content writer & editor for Scoopfed. Formerly a student journalist. Full time writer, part time bibliophile and TV series hoarder-slash-enthusiast.

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