Why I traded saving for a house to ‘doom spend’ on an overseas holiday

I’ve finally given up saving for a house.

Now, before you jump to lecture me on not working as hard as you did when you were my age, let’s not start a hardship Olympics. I’ve done my fair share of manual labour jobs and late nights at the office. When I was 19, I was studying full-time, working three days a week in child care and picking up dinner shifts at Lygon Street restaurants for half the minimum wage and a bowl of spaghetti.

Many renters have given up on the dream of owning a home.Credit: Getty Images

Even now, I work during the day, do stand-up gigs at night and still reply to emails at 11pm despite the new right to disconnect laws – though that’s because my toddler wakes me up at that time to demand a slice of tasty cheese.

The statistics are everywhere at this point. You don’t need me to tell you that the cost of living is up and that housing prices have skyrocketed. The basics have never been more expensive, but the good news is that luxuries are cheaper than ever. A TV once cost enough to cover rent for two months. Now I can buy eight for the same price and line my bedroom ceiling with them. Instead of spending the next 30 years being frugal just so I can own a home for a few minutes before I die of climate change, I may as well bathe in cold-brew coffee and cover my arms from shoulder to wrist with Apple watches.

I’m far from alone here. A global economic trend has emerged online recently. Known as “doom spending”, it is a phenomenon where young people are giving up on saving and instead buying the far more affordable luxuries available to them now. I much prefer to call it “stoic-acceptance-of-reality spending”.

Saving just doesn’t feel worth it any more. For years, I’ve been taking the advice of my thrifty uncle who’s had the same pair of jeans for two decades. I’ve been repairing clothes instead of buying new ones – it’s actually fun and I pretend I’m a poor character in Oliver Twist.

Farewell subscription services: Who needs Netflix when you can watch Bluey for free?

In fact, last year every time I could have bought a coffee, I moved that money into a savings account instead. I cancelled all my subscription services and stuck to YouTube and ABC iview as Bluey is for all ages! All up those savings amounted to a whopping $2300 for the whole year. Huzzah! Now if I just add that to my share portfolio of index funds that I bought 10 years ago, I am only $70,000 off a deposit for a suitable house within an hour’s drive of my family. I could move further out, but then my parents would also never see their grandchild unless we could send him back and forth by post.

Despite the endless excuses people make for the state of homeownership in this country, it’s really just not as feasible as it used to be. Literally every person my age I know who has a house had help from their parents. Every single one. We’re now living in an inheritocracy and that comes with its own perils. If you’ve ever read an Agatha Christie novel, the murder is usually committed by a young couple who want to knock off a rich aunt to take over the estate. Let’s not inspire a new wave of fiction centred around the fantasy of living as well as our parents.

If you own more than two properties, I’m not here to vilify you, by the way. You made the most of the economy you were given. I’m just saying that I need to start doing the same.

Two years ago, instead of going on holiday, my wife and I had a Japanese-themed night at home. We played Japanese pop music, made sushi, dressed up like tourists and used Google Maps to explore Tokyo. This will either sound cute or sad depending on your net worth. But this year I’m just going to spend our money on a trip to Japan. Screw it. Life isn’t a given. Who knows what will happen in the future. The pay-off to being frugal is no longer soon enough or big enough. I’m not saying buying a house in Melbourne can’t be done, I’m just saying it’s not worth it for me any more. Why look at interest rates and feel sad, when I could look at cheap flights to Osaka and get excited?

My New Year’s resolution was to accept the state of financial affairs and just enjoy brunch.

From here on out, I’m going Gold Class at the cinema. Every blockbuster will be at IMAX. I’m going to take the family on trips to the fancy beach towns with trendy cafes. We’ll live our lives with the benefits the current economy affords us. This doesn’t mean I’m going to be irresponsible. There’s no way I’m ordering Uber Eats. That stuff is a rip-off.

I hope I’m not spreading doom and gloom. Life is good. I’d take this over what my grandparents went through any day. But I’ve just adjusted my idea of what constitutes “the good life” to the economic realities. And I know I’m not alone here.

Simon Taylor is a Melbourne-born comedian.

The Opinion newsletter is a weekly wrap of views that will challenge, champion and inform your own. Sign up here.