MOST of us have always hoped to be able to meet our own needs and desires. Generation Zs, in particular, are a highly motivated generation of people that desire to be self-sufficient.
As digital natives who have grown up in an era of rapid technical breakthroughs and altering societal standards, their purchase habits reflect a combination of pragmatism, ethical considerations, and digital savvy.
Nonetheless, our priorities differ from one another in various ways. Some of us emphasize treating ourselves to various items, while others save up for a larger purchase in the future.
With that said, republicasia did not waste any time in asking numerous working Gen Zs about their present income and some of their top goals to purchase today or in the near future.
How Gen Z manages their salaries
Bianca Delos Reyes told republicasia that it is critical for individuals to strike the correct balance between spending and saving for the future. For her, you must still treat yourself every now and then.
“As a working Gen Z, it’s important for me to have my rest days because mental health is a top priority for me and our generation—I spend it on short travels & other things that will help with my serotonin,” said Delos Reyes.
Photo Courtesy: Bianca Delos Reyes
“I pamper myself, treat my friends/family, and if there’s extra, I donate to small charities. But of course, it’s still essential to leave some for my savings.”
Meanwhile, Justine Bernabe recounted her college experience. As a former student with a daily stipend of P500 and a penchant for overspending, she was forced to learn how to budget her money at a young age.
Given that experience, the 23-year-old, who now works as a Creative Production Associate, recognized she needs to manage her own money better, as what she spends is now coming from her own salary.
“That made me realize that I need to budget my money properly. Now, as a Gen Z who gets her own money from working a full time job and most of the time doing sidelines, I would say 50-30-20 rule works great for me,” Bernabe shared.
“As they say, girl math is getting more money to actually spend, rather than cutting expenses. I would rather work on a weekend for my girly pop needs, rather than slack off and bed rot,” she added.
Bahay, Kotse o Gadget?
These Gen Zs have been spending their money on things that truly make them happy. Now, republicasia asked them to choose on what would be their most priority from the three options: bahay, kotse, o gadget.
“If I’m lucky enough to save a big amount of money, I would probably invest it in gold, so none of the choices actually. That is the most wise thing I can do with my money,” Bernabe explained.
“Cause first of all, I still live with my parents, I live 8 minutes away from my office, and I just bought a gadget that will probably last for years. So bahay, kotse, and gadget are not my priority right now,” she explained.
Meanwhile, Deam Forio, a 23-year-old Creative Designer, emphasized the importance of having a car while living in the Philippines. Not to mention the hustle and bustle of life in Metro Manila.
“For me, a car would be the first priority. For the sole reason of commuting here is almost as expensive as having your own car,” he explained.
Lessons to hear from Gen Zs
These Gen Zs may have only recently begun their professions, but one year can be enough time to learn a lot. They will carry these certain lessons with them as they proceed on their different paths.
“When you want something, wait at least 5 days before you decide,” advised Delos Reyes to Gen Zs who are planning to make a purchase, especially for those who have the tendencies of being impulsive.
Photo Courtesy: Bianca Delos Reyes
“It works wonders for me. I’m an impulsive buyer, and it made me waste money on things I didn’t need. So when I see something interesting, I wait for days to see if I still want it.”
On the other hand, for Forio, here’s what he realized so far; “Do not be scared to spend on yourself. After all, you earned that money because of your hard work. But also don’t overspend.”
Given the opportunity to speak with other Gen Zs, particularly those who have recently graduated and are now looking for their first employment or who are starting their final year of university, one of them offered the following advice.
“Enjoy your first salary, spend it on the things you like and not need. You can justify spending it on petty things. Because after that, you will be forced to save, not by anyone, not by yourself, but by the situation,” said Bernabe.
“My advice is to know how it feels to spend your own money first, so you can also know the difference when you save. At least that way, you won’t regret saving because you know how it feels to use your money for a greater cause.”
“Because when you start saving and limiting yourself in the first place, you will crave to spend more and that will cause you to spend lots of money without weighing the consequences,” she went on to say.
In the end, these Gen Zs demonstrate that one can prioritize one thing without sacrificing the other. In terms of finances, it is critical to strike the correct balance between spending and saving for the future.
We are still young, as older people often claim. Find something that will make you happy and leave you with memories to last a lifetime.
For the last time, bahay, kotse, o gadget? I believe Generation Z would agree that the best answer to their current priority is to find the right balance of enjoyment and preparation for the future.
