Hard-up millennials are splashing the cash on coffee, socialising, food and clothes, according to a study by a high street bank.
Those aged between 20 and 37 are spending thousands rather than saving, with people in the South West spending more per month on a night out rather than the gym.
The average annual bill comes to a whopping £3,312.72, Barclays bank has found.
The bank said they could save hundreds by simply swapping out every fifth takeaway, cafe-bought coffee and night out with a free alternative.
But Guardian columnist Zoe Williams argues it's "a bit rich of bankers to criticise the spending habits of millennials".
The study found that millennials in the South West spent the most each month on socialising (£103.81 on average). It was those in the East Midlands who spent the least on socialising at less than half of what is spent in the South West, at £48.91.
But it also found that those in the South West spent the least at £21.53 on memberships, such as gyms, sports clubs and cinema. People surveyed in Scotland had the highest monthly spend on memberships.
In the North East of England people spent the most on clothes, shoes and accessories each month at £92.04 on average, while those in the East of England spent the least at £45.23.
Those in the North East also spent the most on daily treats such as coffees (£75.83 per month) (also much needed), while those in Yorkshire and the Humber spent the least at £28.92.
People in London spent the most each month on takeaways (£57.48) and eating out (£78.11). Millennials in Yorkshire and the Humber spent the least on takeaways (£34.77) and those in the North East spend the least on eating out (£48.60).
Zoe Williams accuses Barclays of patronising millennials, and "infantilising" them with talk of treats.
Two-thirds (67%) of the 2,000 people surveyed feel they do not save enough, or anything at all, Manchester Evening News reports.
Of those regularly saving, the average amount was £159.89 a month. Threequarters (75%) of those surveyed would be willing to make short-term compromises on spending to fund long-term life goals such as buying a home, going on a luxury holiday or buying a car.
Clare Francis, director of savings and investments at Barclays, suggested people wanting to save more should consider swapping treats for more cost-effective options rather than giving them up completely.
She said: "Think swap, not sacrifice. That could mean making yourself a coffee in the office once a week, or inviting friends over every now and then instead of going out."
Pete Brooks, head of behavioural finance at Barclays for balancing spending and saving, shared these tips on how to make your money go further.
1. Having a goal in mind makes saving simpler. As you see your savings pot grow, so will your excitement for the goal ahead.
2. Consider telling friends and family about your savings goal to help you keep your resolve and provide extra support if your willpower wanes.
3. Work out what triggers your discretionary spending so you can avoid the situation. This could be by changing your daily route so you do not go past a cafe that always tempts you to splurge, or saying no to situations where you know you will spend more than you are comfortable with.
4. Start by making one or two spending changes and slowly add to them as they become a habit.
5. Do not cut out everything you enjoy. For example, try combining paid-for individual gym classes with free activities like a local running club.
6. Try setting a standing order up so when you get paid some of it instantly goes into a separate savings pot, keeping it safely set aside for future goals.
7. Make the most of accounts which could boost your savings goals. For example, if you are saving for a first home consider a Help to Buy Isa.
8. Consider paying in cash. It could make you more aware of what you are spending.