Nowadays, young people born in the 1990s and 2000s are also referred to as the "post-waves."

Looking at the origin of this term, it seems to carry a kind of praise from the previous generation towards today's youth. They no longer want to teach the younger generation how to do things, but instead, they are more willing to align themselves with the younger generation in terms of thought, and self-deprecatingly call themselves the "pre-waves."

The story of "post-waves" and "pre-waves" is a hot topic on the internet, but what we are concerned about is whether the "post-waves" have also propelled the "pre-waves" in terms of financial management.

Reports suggest that the pandemic has led to significant changes in the consumption habits of many "post-waves," even aligning with the "pre-waves." To this end, we have compiled a "Post-Wave Financial Management Technique" for your reference.

"Spend 1000 yuan, save 10 yuan"

Before the pandemic this year, there was a popular graphic on the internet about the consumption views of contemporary young people, titled "Spend 1000 yuan, save 10 yuan." Here are some excerpts:

AJs can be bought, but paying for video memberships is not acceptable;

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Clothes costing 800 yuan can be bought, but 8 yuan for shipping is not acceptable;

It's okay to have many lipsticks, but not spending 20 yuan on a pair of socks;

A 3500 yuan face cream can be bought, but not spending 35 yuan on lunch;Spending thousands on dining out is acceptable, but not getting a discount on takeout without meeting the minimum is not;

It's okay to top up a game account with 2000 yuan, but topping up a subway card with 100 yuan is not;

A 28 yuan bubble tea is purchasable, but 28 yuan worth of fruit is not;

300 yuan for a box of cat food is acceptable, but 30 yuan per jin of pork is not;

...

Although this internet article contains a certain degree of teasing about the consumption habits of young people, reflecting on oneself and the young people around, it seems that the description is not too exaggerated.

In summary, in terms of consumption, today's young people seem to be both rich and poor at the same time. Perhaps everyone has a few luxury items, branded clothing, or cosmetics, but in the most important aspects of daily life such as clothing, food, housing, and transportation, they seem to be very careless—

What we like are 30 yuan bubble teas, 300 yuan lipsticks, 3000 yuan sports shoes, but we are not interested in many truly high-quality and affordable necessities; we are also more accustomed to understanding "saving money" as spending a lot of time "to get free shipping" "to meet the discount threshold," but once we are attracted by "hot-selling" "internet-famous" products, we always feel compelled to buy them and regard it as a reward for ourselves.

"Living a life like our parents"

In May, after the pandemic, a report from Tencent News Gu Yu Studio wrote:"It is commonly said that people cannot clearly articulate how change occurs. The only certainty is that during the months of the pandemic's spread, some young people, humorously referred to as 'the next wave,' turned around and began to live a life that they once disdained, similar to that of their parents."

This article does not analyze the various impacts of the pandemic on the economy from a macro perspective, but instead, it starts with several cases of young people born in the 1990s to illustrate how the pandemic has changed the consumption habits of many young people, mainly reflected in the following points:

1. Decreased income, starting to save money.

"Carpe diem" was originally the consumption philosophy of many young people. However, during the pandemic, some businesses suffered declining performance, and some young people faced unemployment and pay cuts, thus having to change their original habit of "spending everything they earn." They began to care about the prices of vegetables and meat, and started to live frugally.

2. Reflecting on past shopping habits.

With fewer social activities during the time spent at home, "ostentatious" consumption came to an abrupt halt. Some young people used to be keen on purchasing high-priced luxury goods, with a quantity of lipsticks, bags, jewelry, and electronic products far exceeding normal needs. Now, they have started to reflect, thinking that they have paid a lot of what they call "intelligence tax."

3. Significant reduction in credit card debt.

The existence of credit cards, Huabei (Alipay's credit service), and BaiTiao (a consumer credit service) further encouraged excessive consumption among young people. After the pandemic, some young people proactively reduced their credit card limits and set monthly consumption caps for themselves.

4. Starting to cook at home, reducing eating out.

Many young people used to dislike cooking and often dined out or ordered takeout, but during the pandemic, they had to cook for themselves. They found that not only is this more cost-effective, but it also leads to better-tasting and healthier meals by shopping for groceries with the elderly in the morning.5. Realizing the joy of having savings, they begin to formulate financial plans.

The reduction in consumption has led some young people who never kept accounts in the past to discover for the first time that even spending 3,000 to 5,000 yuan per month in a first-tier city can lead to a good life. They are also pleasantly surprised to find savings in their accounts, experiencing the joy of having "surplus grain" and starting to formulate their own savings and financial plans.

It is important to note that although the initial motivation might have been out of helplessness, after several months of adaptation during the pandemic, these young people have maintained such consumption habits. Even when their income situation improves and they return to their normal lives, they no longer wish to revert to the past. "Living a life like their parents" has become a choice they actively make.

How should the "post-waves" manage their finances?

For some "post-waves," the most troublesome financial issue is how to save money and reduce impulsive spending. By comparing the situation before and after the pandemic, we can find that cultivating good consumption habits should not be simply understood as suppressing desires and saving money at all costs, but rather adapting to a healthy lifestyle.

However, what is more commendable than "living like parents" is changing our mindset towards consumption, from "spending 1,000 yuan is acceptable, but saving 10 yuan is mandatory," to moderately spending some "small money" to save time and energy, while investing "big money" in truly important things, such as purchasing insurance for oneself, improving the home environment and quality of life, and buying some suitable financial products, etc.

We believe that the "post-waves" can refer to the following financial management suggestions:

First, not borrowing money casually for consumption is the bottom line.

Young people who spend a lot of money must adhere to a bottom line - they should not borrow money casually to satisfy their shopping desires, such as the "campus loans" and various other predatory loans that the state has explicitly banned, as well as costly credit card installments. The use of credit cards should also follow the principle of moderation, with 1 to 2 cards being sufficient.

Second, make good use of second-hand platforms to deal with idle items.Selling impulse purchases or surplus items on second-hand platforms can not only reduce waste but also make your living environment tidier.

Thirdly, take on risks moderately to increase the returns on your savings.

Retaliatory saving is not as good as retaliatory financial management. The money saved should not just be deposited or put into a Yu'e Bao (a type of online money market fund), but also well-planned for financial management. On one hand, it is important to learn more about investment and financial management to increase returns. On the other hand, one should have clear financial goals, as the fundamental purpose of financial management is to enhance future consumption.

Fourthly, start considering purchasing insurance at the age of 30.

Although they are referred to as the "post-wave" generation, the first batch of post-90s are already in their thirties and can no longer trade their health for high income without limit. It is time to consider "protection". Around the age of 30, one should start buying insurance for themselves.

Fifthly, spend an extra 1000 to 2000 yuan to rent a better apartment.

For those who rent, during the time of staying at home, there is no need to wear makeup or many beautiful clothes, but the living environment becomes particularly important. In fact, even after returning to work, a good living environment can provide better rest and living conditions. Young people, if conditions permit, can spend a few thousand yuan more per month to rent a better or closer-to-work apartment, and the return on investment will far exceed the cost of spending a few thousand yuan on shopping each month.

Learn from the masters of the "pre-wave" generation.

If the above content is just some general financial management principles for the "post-wave" generation, following them can gradually make your life more comfortable, secure, and well-planned, then there are no fixed routines to become a financial management expert, master, or virtuoso.

There is a popular view today that the era of "wealth creation" has passed, and it does not belong to the "post-wave" generation. The opportunities for the "post-wave" generation to make money are few and far between.However, by examining the path taken by the "pioneers," we can discern that even if one were to "time-travel" to that era, to seize certain investment opportunities, what is still required is a unique perspective, patient observation, solid research, and sufficient courage. On this foundation, a bit of luck is also necessary. No matter in what field, experts are a minority; no matter in which era, opportunities to make money also belong to the few who are smart and visionary.

Today, there are still some impatient views that believe learning about finance is all about getting rich quickly, hoping that others can tell them some methods to make money immediately. But the crux of the issue is that rigorous viewpoints are not interesting, tempting conclusions are unreliable, and only swindlers would make sensational claims and be categorical. The true golden advice, in the ears of the mediocre, may seem dull instead. As a result, the more one desires to get rich quickly, the more likely they are to be deceived.

Rather than being anxious and restless, we might as well listen again to the financial philosophy of the "pioneers." It is not to replicate their successful experiences, but because managing finances is a lifelong endeavor. Occasional success once or twice does not prove anything. Only in the long journey of life, being able to seize some opportunities while also ensuring that one does not suffer significant losses, is the true success. Such financial advice has reference value.

A single success may rely on luck, but a lifetime of success cannot depend solely on luck. Only time can test the truth, and whether a financial philosophy is correct also requires a sufficiently long period to provide an answer—this is the greatest wealth that the "pioneers" can offer to the "newcomers."