Friends enjoying a picnic with guitar and drinks.
It's a tough balance, enjoying one's youth like there's no tomorrow but also putting away some savings in case there is. As a Gen Xer, I recall getting my paycheck on Fridays and immediately heading to Sunset Boulevard for margaritas "on me." (Lucky for my friends, not so fortunate for my savings account.)
The issue is, as with every generation after the Boomers, it's simply harder to keep up. In a recent YouTube video, Tyreke Simmonds claims that Gen Z is dubbed "The poorest generation," and asks, "Did Baby Boomers kill the American Dream? Why is every generation financially worse off than the last one?"
How generations under the boomers have struggled. www.youtube.com, Tyreke Simmonds
Right away, he points out that while some of Gen Z struggles financially, this story is like a broken record. Economists said the same thing about Millennials and Gen X as well. To find out why exactly, he turns his attention to The Silent Generation and the Baby Boomers. Having come out of the Great Depression, the Silent Generation, in particular, were "raised with the mindset of scarcity and uncertainty when it comes to money," so they often saved as much as possible.
Simmonds continues to explain that In the 1950s, there was an economic boom with factories who once made weapons for war now making affordable consumer goods. He claims when the Boomers came along, they "hadn't experienced such hardship." While many of their fathers' salaries were "modest," housing, groceries, and gas were affordable.
In fact, according to David Beren's article, "6 Financial Benefits Baby Boomers Got That Future Generations Will Likely Never See Again," he notes that pensions were more common (and higher), house prices had not yet soared, and college was actually within financial grasp. "Can you imagine a world today where the average tuition cost for a single year of a four-year college program was only $2,469? Millennials and Gen Xers would be over the moon if this were the case. Unfortunately, this was the price of college in 1975, when many early Baby Boomers were first starting their higher education journey."
He points out that for Gen Z, it's even more of a hardship. "Over the last twenty years, education costs have increased astronomically. Private college and fee costs have risen 126%, out-of-state tuition rose by 112%, and in-state tuition increased by 133%." Not only that, with the FOMO caused by social media posts, the desire to "keep up with the Joneses (or should we say the Kardashians)" is even more prevalent than ever.
Kendall Jenner gives a thumbs up. Giphy E!
Richard Barrington, Financial Analyst for Credit Sesame, shared with Upworthy, "Even if we're not in a recession, it certainly feels like one for a growing number of workers—especially younger workers. Total job growth over the past six months has been the weakest for any six-month period since the pandemic lockdown months of 2020.”
But there are ways for Gen Z (and other generations) to live fun, exciting, social lives without breaking the bank. Dawn Allcot writes in a piece for Aol.com, "Millennials and Gen Z, in particular, struggle with finding a balance between socializing and saving money. A recent Ally Bank survey revealed that 59% of people in these generations have seen their financial goals blindsided by activities with friends."
But, she points out, that doesn't have to be the case. Quoting Lindsay Sacknoff, head of Ally's consumer banking: “I absolutely believe you can have both—meaningful friendships and healthy finances—it just takes a little planning."
GAME NIGHTS AT HOME
There's no reason you can't hang with your friends in the comfort of your own home. Snag some chips and salsa and bust out old-school games. (It's legit more fun than it might sound.) Or, if you (or your apartment complex) have some kind of fire pit, grab some marshmallows and make s'mores. It harkens back to a simpler time when we weren't on our phones and could make do without photo ops.
People having fun playing an old game. Giphy GIF by Reconnecting Roots
STREET FAIRS, BLOCK PARTIES, AND FREE CONCERTS
Allcot suggests looking to "free local events in your community too, from concerts to street fairs." One can find this, simply by Googling 'events nearby.'" Whether you're in a big or small town, there's usually something going on and often, at very little cost. Local coffee houses sometimes offer open mics in terms of music and comedy and one never knows what kind of gem they might find.
THE GREAT OUTDOORS
Hiking, skateboarding, rollerblading…these are all free things one can do to be with friends, and be healthy to boot. If you're like me and would rather not work up a sweat, a good old-fashioned picnic can do the trick. Have people bring their favorite cheese/wine/grapes and just hang on a blanket. It might be the breath of fresh air people need right now.
Rodney Mullen skates a ramp. Giphy
MAKE CONTENT
Speaking of FOMO, for some it's hard not to attend the big events because they want to curate the illusion of an exciting life. But the truth is, you don't have to go to a stadium concert, or to Paris, or on a boat trip to have fun. You could spend a day with friends making fun videos on your phone. In an article for theshelf.com, they share (and it's no surprise) that Gen Z spends a lot of time consuming content. "While they’re not huge proponents of doom-scrolling, or even of using social as their go-to for work, Gen Zers rely on social media for leisure–using it for entertainment and connection."
So how 'bout instead of scrolling through content — make it with your friends!"
GO THRIFTING WITH BUDDIES
On the subreddit r/GenZ, someone asks, "How does Gen Z save money?" A few of the many excellent suggestions included thrift store shopping (from clothes to records to art). This Redditor got more specific: "STOP BUYING NEW, you can get an entire wardrobe for 150 at Goodwill, filled with brands from the mall."
A half loaded dishwashervia Nathan Dumloa/Unsplash
A yellow soapy sponge.via Pille R. Priske/Unsplash
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Dog Glasses GIF by County of Los Angeles 
Books Reading GIF by Ari Farley