There are three things I constantly tell the millennials (those born between 1981 to 1995) I work with in the office.
First, travel. I remind them to spend their money wisely (I am sometimes aghast that they save so they can buy the latest iPhone!). Instead they should use their savings to travel the world. They can start off with domestic destinations then work their way up to Asian countries and beyond. For first-time travelers, getting a passport and riding an airplane are such a thrill. With an abundance of budget airlines and Airbnb’s, there’s no excuse not to travel. It makes it doubly fun and economical when you’re with friends. Besides, think of the wonderful memories you will make and the Instagram photos you will take.
Second, learn how to drive. In this day and age, everyone should know how to drive. I have an officemate who was hell-bent on learning how to drive but didn’t have the budget for lessons. And so, he learned how to drive via YouTube! Now, that’s what you call determination. Whether you own a car or not, you never know when driving will come in handy.
Third, live alone. Your place doesn’t have to be fancy; a studio will suffice. Instead of paying rent, make a down payment coupled with a monthly amortization that will let you own the place eventually. The best part about living alone is that doing so allows you to learn how to enjoy your own company.
It could be frightening and intimidating at first. I remember leaving all the lights on the first few nights I lived in my own apartment. But after a while, I began looking forward to going home to my own place. Doing domestic chores was my exercise. Every day, I made my bed so that when I got home, my room would be clean and welcoming. On weekends, I did the laundry, vacuumed, ironed and cleaned the bathroom. I would also cook three or four times a week, making sure that there was food in the ref that I could just reheat when I got too lazy to cook.
Last week, Korina Sanchez-Roxas invited me and some other friends to her sanctuary for her birthday treat. She maintains a place where she can entertain and keep the stuff that she has accumulated throughout her adult life. It’s where she retreats when she needs to recharge to face the demands of being a broadcaster, businesswoman and a wife and mom to her adorable twins Pepe and Pilar. She values her space and she’s lucky that husband Mar understands her need for a sanctuary. We agreed that having a place you can call your own is essential. Imagine decorating your place to suit your taste, buying all the foods you love, sleeping and waking up at your own time and not sharing the bathroom with anyone else. The benefits definitely outweigh the disadvantages. Sure, it will mean learning how to budget, setting your priorities and even distinguishing needs from wants, but isn’t that what being an adult means?
So before you spend your money on the latest iPhone, think a million times and ask yourself if that money can’t be better spent on something more intangible.