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How To Balance Spending Now And Saving For Later – CNBC

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from …….

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

There’s a new trend on TikTok that involves people encouraging their viewers to spend all their money to travel and have memorable, life-changing experiences, especially when they’re younger. While previous generations might have felt pressure to spend money on expensive cars and clothing because of their neighbors and peers, Gen Zers and millennials may be tempted to spend more because of influencers and celebrities on social media.

The popular “I’ll make the money back, but I’ll never be in my 20s traveling to [insert exotic location]” trend features videos of young people embarking on grand adventures around the world — swimming in the Mediterranean, scootering through the streets of Paris, hiking up volcanoes in Guatemala and, as shown in the video below, running through fields of flowers in Iceland.

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To spend or not to spend?

Travel blogger Isabelle Lieblein thinks it’s better to just take the trip. In her last semester of college, Lieblein studied abroad in Germany before beginning her full-time job. During her time abroad, she tapped into her savings and visited 19 countries, including two of her favorites, Norway and Poland.

“I’m never going to have so few responsibilities again and be able to travel like this,” Lieblein says. “When am I going to be able to go to Luxembourg [just] because I can? So, I decided to spend that money [and] left myself with barely enough for two months rent until I got my first paycheck.”

With that first paycheck, Lieblein ended up earning back the money she had spent on traveling. However, Lieblein does acknowledge the privilege she had in being able to take the trip to Europe and in having a job lined up for when she returned home.

Though Lieblein has no regrets regarding how she spent her money, Vivian Tu, the personal finance content creator behind the popular Your Rich BFF Instagram and TikTok account, believes this trend is problematic, mostly because social media itself encourages a fear-of-missing-out mentality.

“Instead of keeping up with the Joneses, you’re keeping up with the Kardashians, and suddenly all of this unimaginable wealth is visually ready for you to consume on social media,” Tu says. “And so suddenly you think it’s normal for a 20-something-year-old to be going on trips six times …….

Source: https://www.cnbc.com/select/how-to-balance-spending-now-and-saving-for-later/

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