Millennials: No money, more problems

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LAREDO, Texas (KGNS) -- A new study shows millennials are spending a big part of their paycheck on unnecessary purchases that are bad for their bank account.

Bankrate.com studied the spending habits of people between the ages of 18 through 26.

The study found millennials are falling victim to eating out and spending time at the bar.

The study said 54 percent eat out at least three times per week.

Thirty percent said they buy coffee at least three times a week and 51 percent said they go to the bar at least once a week.

A money expert said these kinds of tendencies make it harder for millennials to develop good saving habits.

Money expert, Letty Santos recommended creating a budget system to help fight temptations. She suggested millennials try the envelope system, where they store a small amount of money and only spend what’s inside the envelope.

By comparison, 40 percent of adults surveyed said they only buy take out once a week.

Read the original version of this article at kgns.tv.