Every generation has differences, but penny-pinching habits aren't quite the status quo they once were. A recent survey by Bankrate found 31% of Generation Z workers had saved nothing for retirement over the past few years, compared to 23% of millennials. 

A recent survey showed millennials and Gen Z workers are "doom spending," and it's trending on social media, as well, since so much of what people do is self-documented and shared.

Credit Karma reports that 96% of Americans are concerned about the current state of the economy. More than one-quarter of Americans (27%) "doom spend" to cope with stress. Nearly one-third (32%) of Americans have taken on more debt in the second and third quarters of last year.

Ethan Gilbert, financial advisor at Rialto Wealth Management, recommends keeping your eyes on retirement goals.

"People have been prophesizing doom for thousands of years and the world keeps spinning, so I wouldn't put a lot of stake in that," Gilbert said. "You do have to buckle down, delay gratification, not spend the money now, just save an event and eventually spend the money in the future."

Some members of Gen Z we spoke with said it's not luxury items or lavish vacations that are budget-busters, it's repeat spending due to disposable goods or poorly made products, like clothing. Gilbert advises investing in the durable goods to reduce the repeat spending, and offers a baby-step approach to retirement.

"The thing we recommend for people just starting out, if you're working at a private company that has a a 401K, there is probably a match. The most common match is if you put in 5% and the employer puts in 4%. Starting out at 5% is a really good place to begin. It will reduce your take home by maybe 3% or 4%, and that might be tough. But try to do it. Start at 5%, and as you get raises, increase the number."

Gilbert agrees it can be hard starting out, but just start now.