6 Things That Cost Way More for Millennials Than They Did for Our Parents

If you’re a Gen Xer (or a millennial) you may face criticism from your baby-boomer parents for your debts and financial troubles.

And the statistics seem to back their arguments.

Gen Xers are more likely than baby boomers to choose “enjoy and live for today,” over “save and plan for tomorrow” as a financial philosophy, according to a study by Allianz Life Insurance.

But Gen Xers struggle with the “enjoy today” part because of the “plan for tomorrow” part. The study found them “overwhelmed about their financial future.”

And no wonder! Look how much more debt Gen Xers have compared to baby boomers:

• Mortgage debt: 60% more

• Student loan debt: 140% more

• Credit card debt: 33% more

Yes, you may need to work on your money attitudes and habits.

But before you beat yourself up too much for your financial situation, consider the other contributing factor: In many ways, life is now more expensive.

Here are six things you’ll pay more for than your baby-boomer parents did, and possible ways to reduce those expenses.

1. A College Degree

The real cost of education continues to climb.

Measured in 2015 dollars, the average cost of attending a four-year private college in the 1975-76 school year was $10,088, compared to today’s $30,405. The average cost for a public four-year college went from $2,387 to $9,410 per year.

In other words, the real cost to attend college more than tripled — and those figures include only tuition and fees, not room and board.

That might explain some of the additional student loan debt, right? Here are some resources to help you reduce the cost of an education:

• The Best Value Colleges: A Fancy Degree Might Be Cheaper Than You Think

• 100 College Scholarships

• 100 Weird College Scholarships

• Want a Free College Degree? Get a Job at Starbucks

• Study Abroad in One of These Countries and Get a Free Degree

• Don’t Want a 4-Year College Degree? Try One of These 6 Alternative Education Programs

• No Degree? No Problem. These No-College-Required Jobs Pay $59K+ a Year

• 7 Strategies for Earning an Impressive Income Without a College Degree

2. A Home

There are many ways to measure home prices, but the research all agrees the long-term trend is higher.

For example, one recent chart shows today’s median home price is at least 33% higher than 40 years ago, when adjusted for inflation. It may partly explain why Gen Xers have more mortgage debt than baby boomers.

But what can you do about it?

Start by looking for a smaller home.

There’s been a clear trend toward larger homes, which explains much of the increase in average price. Here are some other things you can do:

• Buy on the Right Day to Save Big on Your Home

• Use These 10 Ways to Save Money on Your Mortgage

• Determine Whether You’re Really Ready to Own a Home

3. Health Care

Since 1980, health care spending has doubled in the U.S., as a percentage of GDP.

Forbes recently reported health care expenditures per person are projected to reach $10,000 per year this year.

And if you don’t have employer-provided health insurance, you get to pay for it all out of pocket (directly or through insurance premiums).

Here are some things you can do to spend less on health care:

• Set up a Health Savings Account

• Use These 10 Ways to Save Money on Medical Costs

• Get a Second Opinion (It Saved Me $6,000)

• Pay Less for Quality Dental Care

• Negotiate Lower Medical Bills

4. Food

Grocery prices have risen faster than the general rate of inflation, according to the USDA.

And if you want to eat healthy, you’ll definitely pay more than your parents did. Fresh fruits and vegetables cost about 40% more than 30 years ago, while the real prices of dairy products, fats, sweets and beverages have actually dropped.

Here are some resources to help you reduce those grocery bills:

• Want to Eat Healthy on a Budget? This FREE Cookbook is a Game Changer

• How to Save Money On Groceries: Tools and Tricks to Save $100 or More

• How One Mom Feeds a Family of 5 for $64 a Week

• Eight Walmart Hacks for Cheaper Groceries

• How Kyle Taylor Got $49.91 in Groceries for $3.90

• Save Big on Groceries By Shopping on This Day of the Week

• 6 Secret Places to Find Coupons for Fresh Fruits and Vegetables

5. Child Care

Maybe your parents hired cheap babysitters when you were young, or left you with relatives.

But even if they paid for regular child care services, they paid less. The US Census Bureau says average weekly child care costs went from $84 in 1985 to $143 in 2011, adjusted for inflation.

What can you do to reduce the cost? Start by reading these posts:

• 5 Free or Low-Cost Child Care Options

• The Best Time to Have a Baby, Financially Speaking

6. A Car

Look at new car prices 30 years ago and now, and then adjust for inflation.

The trend is clear: Cars are more expensive. Part of the reason for those higher prices is that today’s cars are higher quality and come with more extras.

So, one thing you can do to spend less on a car is to look for ones with fewer extras, as well as those that are simply cheaper.

To save even more money on cars (and operating costs), be sure to read these posts:

• How Much Can You Save by Ditching Your Vehicle?

• How Downsizing to One Car Could Save Your Family $5,000 a Year

• 8 Simple Ways to Save Thousands of Dollars on Car Repairs

• 23 Expert Ways to Save on Gasoline

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).