Millennials already make up more than half of the workforce, which means that their purchasing power is rapidly increasing. Local studies show that millennials buy more personal care products and mobile phones and laptops, while other studies suggest that they spend more on coffee, organic food, gym memberships, craft beer, and Uber rides.

But don’t think that millennials are a spend-all generation. With millennials entering the workforce (or are unable to enter it) in the heels of the global financial crisis in 2008, this generation learned to be frugal – and whatever money they do spend, they make sure it’s money well spent.

So, what should millennials be spending their money on?

1.  Smartphone -- Most articles that tell millennials what not to buy often has this at the top of the list. But there’s more good reasons to get a quality smartphone (or a tablet) aside from being trendy. In our fast and connected world, millennials are always on the go. Having a device that lets them access the Internet and work on projects even in transit is absolutely necessary.

2. Starting a business -- Millennials must learn to harness their own generation’s purchasing power. More people who are able and willing to buy artisanal food and beverages means that restaurants and food stalls have booming businesses. It’s no wonder that most restaurants on Maginhawa Street in Quezon City are millennial-owned and are flocked by millennial patrons. If you’re going to start a business, just make sure you don’t forget to protect it through insurance!

3. Stocks -- Millennials shouldn’t just hide their money in the bank. Investing in the stockmarket is a great way for millennials to become financially secure in the long run. Stocks may be daunting at first, but a little research and a consultation with a stock broker would definitely help ease your fears.

4.  A house -- If you can afford it, buy it! While it is uncommon for young adult Filipinos to move out of their parents’ homes, more and more young professionals are trying to be more independent by owning or, at the very least, renting their own dwellings, be it a house, an apartment, or a condominium.

5. Experiences -- Research revealed that millennials are more inclined to spend on experiences rather than material things, which explains their love of coffee shops, Instagrammable food spots and travelling. Enjoying the best things in life is priceless, and getting to experience all that the world can offer is amazing. If you have enough disposable income and you really want to go the that dream vacation of yours – go for it! Pack your bags and leave your worries behind you.

6. Insurance -- Living life to the fullest is the millennial way of life. Planning your future and ensuring that everything goes smoothly even if mishaps occur makes you able to enjoy moments as they happen. Getting insurance coverage for you and your family is the best way to live life worry free.

Fortune General offers an individual and family personal account which covers policyholders and can be extended to include their spouses and children. The insurance coverage can also be extended to parents and siblings, in case the policyholder is single.

FGen’s individual and family personal account will insure people for accidental death and disablement, and unprovoked murder and assault, and also grant policyholders medical expense benefit, burial benefit, and hospitalization cash. Fear should never hold you back from achieving your goals and enjoying life.

Insuring yourself with FGen would make you live life worry free!