Why I’d rather spend on holidays than save for a house

Young & SavvyWhy I’d rather spend on holidays than save for a houseSign up now: Get tips on how to grow your career and moneyMany Gen Zs and millennials around the world see home ownership as something so expensive and far off that they would rather spend on present enjoyment such as travel. ST ILLUSTRATION: MANNY FRANCISCOSue-Ann TanPublished Jul 26, 2026, 05:00 AMUpdated Jul 26, 2026, 05:00 AMSet as preferred sourceSummariseMany young people prefer spending on travel and experiences over saving for a house due to high property prices and uncertain futures.The concept of "doom spending" reflects a desire to enjoy life now amid global crises and unclear long-term prospects.

Some adopt balanced financial habits by setting budgets for treats while saving responsibly, reflecting a shift in priorities from older generations' values.AI generatedSINGAPORE – I think the “doom spending” spiral has sunk its claws into me.For one thing, when I go to a cafe and see that $7 strawberry matcha latte, I think: “Just get it, you’re never going to buy a house anyway.”

When I see flight tickets on sale, some 30 per cent of me is yelling to hold back on the itch to fly somewhere again.But the remaining 70 per cent repeats the mantra: “What does my future even look like? Enjoying this now is better than saving for a house.”

This part of me that eschews home ownership and prefers to spend my cash on present happiness and indulgence is not unusual.I join the ranks of Gen Zs and millennials globally who see home ownership as something so expensive and far off that we prefer to live in the moment and spend on indulgences – the “treat yourself” economy.A Financial Post article in January 2026 called the dream of home ownership “hazy” for young Canadians and a massive financial burden.

Instead, they are “completely rewiring” the spending priorities of older generations – such as buying a home – and choosing to actively save for travel and experiences that fulfil them, the article said.A part of this is related to doom spending – the idea that the world is in shambles and so far out of our control that we cannot see a future we can actively build.A succession of major global crises has only intensified this feeling: the Covid-19 pandemic, which left psychological scars on a whole generation who grew up during those years; and the US-Iran war and the energy crisis driving up prices.

Amid all these pressures, “the future” – which might have seemed clear a generation ago – now feels increasingly murky and undefinable. Will a house even matter then? Will assets like cars and condominiums still mean anything in a broken, fragmented world?

And hence, the doom spending begins – the desire to indulge in small (or large) treats and to milk as much enjoyment out of the current life as possible.After all, going to work every day to earn a salary is hard enough. To put that salary away for the promise of a future happiness that feels tenuous and fragile at best seems to be a fool’s errand.

Irresponsible financial habits or simply taking charge of present happiness?Doom spending has a bad reputation, with financial experts decrying the irresponsibility of spending money without a thought for retirement or future expenses.This is especially true if we are not setting aside savings and simply spending until the month’s salary runs dry, or worse, until we get into debt.

But there is a way to enjoy life and feel more in control of present happiness, while also not spending irresponsibly.“Pay yourself first” is a phrase I often hear. A friend said over lunch that she would transfer $500 every month to a spending account and spend only from that amount.

In that way, the rest of her savings remain untouched.While I am not as disciplined as her, I track my expenses on a spreadsheet and ensure I save about half of my salary each month, and save around a third of my annual salary, after deducting big-ticket expenses like holidays.A DBS Bank article on doom spending in 2024 said people can set aside a “feel-good” budget – a separate wallet from that for necessities and daily spending that can contribute towards indulgences.

In this way, I can take charge of my present happiness by spending on treats, while also ensuring it does not go beyond my means or leave me with absolutely no savings, say, five years down the road.More on this topicYoung and Savvy: Branded bags out, tote bags inGuarding against travel disruptions in times of warRethinking the priorities and values of our parentsDeciding to travel instead of saving for a house might not simply be “irresponsible behaviour”, as labelled by older generations who might just have different priorities in life.With the global rise in property prices and increasing costs of living, we might just feel that the life promised by our parents – a house that can be paid off, a family with two children and a dog, and stable jobs – is no longer attainable.

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