Beyond doom spending: 6 ways to enjoy life now without shortchanging your future self

SINGAPORE – Last month, a younger colleague wrote in this column about why her generation is choosing travel and experiences over saving for a home.

With property and living costs rising, artificial intelligence threatening jobs and one crisis following another, the future no longer feels secure enough to plan for with confidence.

Young people are also watching their parents spend decades working towards home ownership, only to be too frail or tired to enjoy what they have accumulated after retirement, she wrote.

That has encouraged a shift from saving for an uncertain future to enjoying life while they can. Travel, concerts and other meaningful experiences offer something tangible in the present, unlike the goal of asset ownership that appears too expensive and distant.

What older generations dismiss as irresponsible “doom spending” may therefore reflect how young people view an uncertain future.

As a 45-year-old caught between older generations and today’s young adults, I think my colleague has a point.

Preparing for the future as a young adult means more than sacrificing experiences to save money or buy a home.

In my case, travelling made me more street-smart and confident in handling life’s challenges. These are some of the invaluable gains from investing in experiences, and of far greater practical value than the hundreds of photographs and hours of footage from a decade of diving in the Komodo Islands that I rarely look at again.

In my experience, the best antidote to mindless spending and despair about the future is to spend intentionally on what remains within your control and cannot easily be taken away: your health, judgment, values, relationships and ability to adapt.

With that in mind, here are six lessons I’ve learnt about enjoying the present without leaving your future self empty-handed.

1. Travel as much as you can

By all means, travel. Rough it out in a backpacker’s hostel, take cheaper red-eye flights and get lost in an unfamiliar city while you are young. It builds character and toughens you up for whatever life throws your way.

I might be much richer today had I travelled less and saved or invested the money in my 20s and 30s, but I do not regret opting to explore the world instead.

The key is to return with more than photographs for Instagram or another box ticked off the bucket list.

Travel with the intention of learning about the country you visit – its economy, culture and way of life. Look beyond tourist attractions and passing trends. Take public transport, eat where locals do and talk to them.

Doing so has broadened my world view and sharpened my survival skills and adaptability as I learnt to navigate unfamiliar places and respond when plans went awry. It also reminds me that the world extends far beyond my own life and problems, helping me stay objective and resilient when things get tough.

Better yet, spend some time working overseas, whether on a working holiday visa or an international posting. As I discovered in Malaysia and Myanmar, working in different roles alongside people from diverse cultures can inform your perspective, expand your network and make you more valuable wherever your career takes you.

2. Don’t fret about property

In Singapore, owning property can feel like the be-all and end-all, and one of the few routes to financial freedom. But while a home of your own offers security and privacy, there is no need to rush into buying one.

It is fine to rent while building your CPF funds and savings. If the rent is manageable, this may be wiser than overstretching your finances or relying on family help to buy before you are ready.

Taking your time reduces the risk of overpaying for a home or committing to a location that does not suit you. It can also preserve your options. Without a mortgage weighing on you, you may have greater freedom to take career risks, start a business or further your studies.

After moving from Malaysia to Singapore in 2007, I rented rooms in various HDB flats for 10 years.

By the time I bought my resale flat in Bishan in 2017, I had accumulated enough savings and CPF funds without sacrificing too much, knew where I wanted to live and understood the market well enough to recognise the right home when I found it.

3. Don’t be pressured to invest

One of the oldest pieces of advice given to young adults is to start investing for retirement early. But retirement may be the last thing on your mind when you enter the workforce, as many other things compete for your pay cheque.

The sheer number of financial products and providers can also be daunting, leaving you unsure of how to begin investing. It is also easy to be persuaded into buying something you do not fully understand or that does not suit your needs.

There is no shame in holding off until you are clear about what your needs are, know what you are buying and can comfortably afford it.

Before investing, it is more important to avoid falling into debt, build emergency savings and establish a workable budget that suits your lifestyle. Credit-card interest, for example, can easily exceed your investment returns.

I learnt this the hard way when I started working in Singapore in 2007. My take-home pay was $3,000, and I wanted to travel, overhaul my wardrobe and indulge in regular facials and manicures. After-work drinks and dinners with new friends also became routine.

Before long, I found that I did not have enough to save or invest. For a while, I paid only the minimum $50 on my credit card bill each month, before realising that the interest charges were pulling me deeper into debt.

After taking a few months to pay off that debt, I devised a budget that worked for me. I ring-fenced a small amount for savings after covering rent, utilities and other necessities. Then I prioritised what mattered most. To afford a gym membership, annual diving trips and weekly drinks with friends, I stopped buying branded clothes and shoes and did away with the facials and manicures.

It was only after a few years that I could set aside money for insurance and begin investing in local shares.

4. Earn your stripes and build strong relationships

When I was a young employee at an accounting firm, junior staff bore the brunt of the grunt work. During peak periods, we pulled all-nighters and returned the next morning, expected to produce the same standard of work. Public scoldings were common, and stress and burnout came with the job.

Things have changed for the better over the years, with employers now taking mental distress and work-life balance more seriously. Nevertheless, consider putting in additional hours early in your career. If you are asked to take on work that stretches you or falls outside of your job description, even if it requires extra time, do it.

The key is not to view the extra hours as an infringement of your personal time, but as opportunities to help you practise your craft, broaden your skill set, and be ready for harder assignments.

Putting in the effort can also help you earn the trust of your bosses and colleagues. Just as importantly, strong relationships built through working well with others can support you throughout your career – and even beyond.

5. Invest in your health and fitness

Keeping yourself healthy and fit is one of the best investments you can make while you are still young. If you are not already physically active or involved in a sport, start now and build habits that you can sustain.

Aerobic exercise and strength training do more than improve your fitness today. They strengthen your heart and bones, help preserve muscle, and build a stronger foundation for later life. Regular activity also supports mental well-being and brain health and reduces the risk of several chronic diseases.

A quarter of young adults aged 18 to 29 now face poor mental health, while metabolic disease risks and youth obesity rates are rising fast, according to the Ministry of Health.

Building strength and cardiovascular fitness early can help you remain resilient, mobile and independent as you age.

Imagine avoiding hefty medical bills as you grow older and having enough energy to juggle work with other responsibilities, such as raising a family or caring for ageing loved ones, without feeling exhausted every day.

Eat well, too. Choose whole foods and balanced meals most of the time, while minimising artificial sugars and ultra-processed products that can lead to unnecessary disease.

Ultimately, setting aside time and money for your health now improves your chances of remaining well enough to enjoy what you have worked and saved for later.

6. Establish your values

Identify your values early, as they can provide much-needed clarity when you face difficult choices in life or at work.

Your values are the principles that guide how you live and make decisions, and reflect what matters most to you in life.

For example, if you value independence and freedom, as I do, you might choose a job or role that offers flexibility and autonomy over one that brings greater status or higher pay but leaves you feeling constrained.

Or if you value family, living close to them may matter more than accepting a lucrative job far from home. My family lives in Penang, so working somewhere as far as the United States, with its geographical distance and time difference, is not an option for me.

A recent conversation with a friend who values integrity illustrates this well. “My word is my bond,” he told me when I asked why he had turned down an offer to do work he enjoyed. Although the opportunity seemed ideal, he declined it because he had promised to remain in his current job for an agreed period.

“I made my decision based on what I value, and have no regrets,” he said.