LOS ANGELES, July 25, 2016 /PRNewswire/ -- Life as a millennial is expensive. Starbucks runs, Uber trips, new iPhones — millennials have to factor in all of these costs in their budgets as well as the cost of their basic needs, such as rent, utilities, groceries and more.
As the saying goes, "Time is money." But how much time does it cost to pay for millennials' "essential" expenses?
Using the standard 40-hour workweek, GOBankingRates calculated how many work hours one would need to work to afford 28 "essential" expenses millennials face in 2016.
On average, monthly rent is going to take 68.41 work hours per month to pay.
Tack on another 9.45 hours a month for utilities.
Health insurance averages 20.27 hours a month.
Sure, buying groceries is usually more cost-effective than going out to eat. But still expect to work about 21.57 hours a month to cover the cost!
Assuming the average car gas tank holds 14 gallons, expect to work 2.15 hours to fill up.
A typical student loan monthly payment is about $280, which is the equivalent of working 18.08 hours.
Millennials can expect to work almost 139.93 hours a month – three and a half weeks – on average just to afford these necessary expenses.
For those who bike, a new set of wheels will cost 29.02 hours of work.
Millennials need to work 41.90 hours on average to cover the cost of a new iPhone 6 Plus.
Want a new pair of Nikes? That'll cost 4.81 hours of work.
The average round-trip domestic flight will costs about 60% of weekly earnings (or 24.34 hours).
Other Miscellaneous "Essentials":
Beyonce's latest album "Lemonade" will cost an average 1.16 work hours.
Going on a date to the movies? Cover both tickets, and the cost is equivalent to over an hour of work.
Netflix and chill? A night spent enjoying a bottle of wine and Netflix will also cost over an hour of work.
While Uber is often a convenient way to get around, the average ride comes in at $13.36, or .86 work hours.
A Starbucks Venti Latte five times a week costs a total of 1.35 work hours.
Want to know how much you're working to afford your own "essentials?"
Here's our formula:
Cost of the item / your hourly pay = number of hours you must work to pay for that item
"While many millennials fork over half of their income – or more – per month for rent and other bills, there is always a band concert or iPhone upgrade looming in the distance," said Kristen Bonner, lead research on the GOBankingRates study. "We hope that our study findings will put into perspective the true costs associated with being a young adult today, and help millennials struggling with a budget to realize that some of those 'essentials' might just not be worth it."
Methodology: GOBankingRates took the median weekly earnings for people ages 16 to 34 ($619.50) and divided this number by 40 to calculate the median hourly earnings of those individuals ($15.49). The cost of the item was then divided by $15.49 to find the number of work hours necessary to afford the item.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement, and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.