Millennials juggle side hustles, budget apps, and shared living to make ends meet.
For many Millennials, the American dream feels more like a mirage. While Baby Boomers built wealth through steady jobs, affordable housing, and reliable pensions, Millennials often face skyrocketing rents, stagnant wages, and crushing student debt. What Boomers might see as poor financial decisions are often just survival strategies in an economy that feels stacked against younger generations. The world has changed dramatically, and Millennials are finding creative—and sometimes desperate—ways to get by.
While Boomers might reminisce about the days of saving up for a home on a single income, many Millennials are pooling resources, sharing spaces, and adopting lifestyles that prioritize financial survival over stability. These adjustments are not about avoiding responsibility but about adapting to a harsh economic reality.
Here are some of the clever (and often misunderstood) strategies Millennials use to stay afloat in a world where traditional financial advice doesn’t always apply.
1. Living with roommates well into their 30s is a financial necessity.
Sharing an apartment with friends—or even strangers—used to be a rite of passage for twenty-somethings just starting out. But for many Millennials, the roommate life extends well into their 30s, according to Colorado Newsline. High rents and stagnant wages mean that splitting housing costs is often the only way to afford living in a decent neighborhood or saving a bit of cash each month. It’s not just about keeping costs low; it’s about survival.
Boomers might struggle to understand why an independent adult wouldn’t just “get their own place,” but the math rarely adds up. In many cities, the cost of a one-bedroom apartment can swallow up half or more of a Millennial’s income. Roommates make it possible to handle rent, utilities, and groceries without going into debt. It’s not always ideal, but it beats the financial strain of living solo.
2. Side hustles are a lifeline, not just extra income.
For Boomers, a second job was often a temporary measure—something to bridge a gap or save up for a big purchase. But for Millennials, side hustles are a way of life, as reported by Intuit. Whether it’s freelancing, driving for Uber, pet sitting, or selling handmade goods online, these gigs aren’t just “extra cash” but essential parts of the monthly budget. The reality is that many full-time jobs no longer provide enough financial security on their own.
Balancing a traditional job with side gigs can be exhausting, but it offers a level of financial flexibility and security that a single paycheck often doesn’t. It’s also a way to hedge against the unpredictability of the modern job market, where layoffs and contract work are common. Side hustles provide a financial safety net that helps many Millennials manage everything from rent to emergency expenses.
3. Skipping healthcare to avoid crushing medical debt is all too common.
Millennials often have to make tough choices when it comes to healthcare, according to News Nation. High insurance premiums, copays, and out-of-pocket costs mean that many simply go without. It’s not uncommon for Millennials to delay doctor visits, skip prescriptions, or rely on home remedies to avoid medical bills that could send them into debt. The gamble is that they’ll stay healthy enough to avoid the worst-case scenario.
Boomers, who often enjoyed more comprehensive employer-sponsored health benefits, might find this hard to comprehend. But the costs of healthcare have risen sharply, and many Millennials don’t have access to affordable plans. When money is tight, healthcare becomes a luxury, not a necessity. It’s a dangerous strategy, but for many, it feels like the only option.
4. Using buy now, pay later services helps bridge financial gaps.
Services like Afterpay, Klarna, and Affirm have become a lifeline for Millennials struggling to make ends meet. These platforms allow shoppers to split purchases into manageable installments, often with no interest. It’s a way to afford necessities—like clothes for work or a sudden home repair—without wrecking the budget. For many, this is less about indulging in luxuries and more about finding breathing room in a tight financial month.
Boomers, who might have been wary of layaway programs or credit cards, sometimes view these services as unnecessary debt traps. But for Millennials, buy now, pay later (BNPL) options can mean the difference between managing a crisis and falling behind on bills. While not a perfect solution, it’s a practical tool that helps spread costs and maintain a semblance of financial stability.
5. Thrift shopping and upcycling are more about affordability than trends.
Thrift stores, yard sales, and online marketplaces like Facebook Marketplace and Poshmark are go-to spots for Millennials looking to save money. While thrifting has become trendy, for many, it’s a financial necessity. Buying second-hand clothes, furniture, and household items is a smart way to stretch a budget and find quality goods at a fraction of the retail price.
Boomers who grew up in a time when new items were more affordable might see this as a sign of financial struggle. But for Millennials, it’s a resourceful approach to living within their means. It also aligns with a more sustainable lifestyle, reducing waste and promoting reuse. In a way, necessity has turned into a virtue, blending financial pragmatism with eco-consciousness.
6. Negotiating bills and subscriptions is a monthly ritual.
Millennials have mastered the art of haggling—whether it’s talking down a cable bill, negotiating rent increases, or getting a better rate on car insurance. Apps like Truebill or Trim help automate this process, identifying where savings can be found and negotiating on behalf of users. For Millennials, this isn’t just about saving a few bucks; it’s about survival.
Boomers might be less familiar with these practices, having grown up in a time when inflation was lower and services were more straightforward. But for younger generations, every little bit counts. The financial landscape has shifted, and flexibility in expenses can make or break a budget. Negotiating isn’t just savvy; it’s essential.
7. Turning to social media for free resources is a survival tactic.
The internet has become a treasure trove of free resources for cash-strapped Millennials. Facebook groups, Reddit threads, and community apps like Nextdoor offer everything from free furniture and clothing to job leads and financial advice. The “Buy Nothing” movement, where neighbors give away items they no longer need, is particularly popular.
Boomers who didn’t grow up with the internet might not realize how powerful these networks can be. While they might have relied on classifieds or word-of-mouth, Millennials have access to a global community of helpers and givers. It’s a sign of the times—when money is tight, community support becomes invaluable, and technology makes it easier than ever to connect with that support.
8. Embracing digital banking and budgeting tools keeps finances on track.
Millennials rely heavily on apps like Mint, YNAB (You Need A Budget), and Chime to manage their finances. These tools provide real-time insights into spending, help automate savings, and even offer features to avoid overdraft fees. For a generation dealing with unpredictable income streams, having full visibility and control over their money is crucial.
Boomers who grew up balancing checkbooks and visiting bank branches might not see the need for these tools. But for Millennials, who often juggle multiple income sources and unpredictable expenses, digital budgeting tools are a game-changer. They provide the structure needed to navigate financial uncertainty, offering a sense of control in an often chaotic financial world.
9. Bartering skills and services is a creative way to save cash.
Millennials are finding new ways to trade their talents to reduce expenses. Whether it’s swapping pet-sitting services for haircuts or offering graphic design help in exchange for home repairs, bartering has become a creative and practical solution. It’s about building a network of mutual support that doesn’t involve cash changing hands.
Boomers might associate bartering with bygone eras or tight-knit rural communities, but Millennials have modernized it through online platforms and social media groups. This approach not only saves money but also strengthens community connections. It’s a return to basics, showing how resourcefulness can turn a tough situation into a manageable one.