(PCC)When I was asked that question, I immediately looked at my waistline then I was told YOLO means You Only Live Once and all the dots connected. Economic analyses are showing that America’s YOLO spending is having a slowdown, but where are those dollars going?

The age of YOLO spending, marked by spontaneous vacations, luxury purchases, and high-end dining justified with a “you only live once” mindset, is losing steam. A new Bankrate survey reveals a significant shift in American consumer behavior: 54% of Americans plan to cut back on nonessential expenses like travel, entertainment, and dining out, up from 49% last year. With fears of a looming recession and household debt at an all-time high, the party may be winding down, but the big question remains: Where is that money going instead?

There seems to be a shift from splurging to saving, but as summer approaches, could spendaholics emerge and drastically impact these numbers?

The most likely destination for redirected YOLO dollars is debt reduction. Household debt hit a record $18.2 trillion in the first quarter of 2025, according to the Federal Reserve Bank of New York, and credit card balances are a major concern for many Americans. As high interest rates and inflation continue to strain wallets, consumers are feeling the pressure to rebalance their financial lives.

“It’s not just about cutting back; it’s about survival,” said Ted Rossman, senior industry analyst at Bankrate. “The cumulative effects of inflation and borrowing costs are making it harder for people to justify short-term splurges.”

The pullback from discretionary spending may indicate a more disciplined turn, with households funneling their cash toward paying down debt and building emergency savings.

Americans continue to be plagued by recession fears, which is leading to a reduction in spending. Economic uncertainty is another key factor. A staggering 82% of voters express concern about a potential recession, which is still on everyone’s mind regarding the Trump administration. Tariffs, rising costs, and economic policy instability are creating a climate of caution.

Many Americans, especially younger consumers who once championed YOLO culture, now face a financial crossroads. With job market volatility and housing costs still high, indulgent spending on experiences is giving way to more conservative financial goals.

What’s Being Cut, and Why?

According to Bankrate’s survey:

• 38% of Americans expect to cut back on travel.
• 39% will spend less on dining out and live entertainment.
• 65% cite affordability as the primary reason.
• Interestingly, 23% say they’re simply not interested in traveling, and 16% say it’s too much of a hassle—a sign that shifting values may also be playing a big role.

Not everyone is cutting back; some have benefited from recent market upswings and real estate equity growth. Despite the broader trend, about one-third of Americans still plan to increase their discretionary spending this summer. Travel, dining out, and entertainment remain top priorities for those who feel financially secure. And with the cost of travel falling, thanks to lower prices on gas, airfare, and hotels, some see an opportunity to enjoy experiences without breaking the bank.

A culture in transition is being formed. ‘Staycations’ have not only become popular but are also gaining steam as an affordable method to vacation while staying in a familiar setting , the comfort of their homes.

The decline of YOLO spending doesn’t necessarily mean a nationwide embrace of frugality, but it does point to a more nuanced, intentional consumer mindset. Americans are still looking to enjoy life, but with more planning and fewer impulse buys.

As the economic climate evolves, we may see this cultural shift deepen, moving from “you only live once” to “make it last.” Whether redirected funds go toward reducing debt, saving for the future, or simply avoiding financial stress, it’s clear that Americans are recalibrating their priorities.

Final Word: YOLO may be taking a break, but obese spending will always be on the menu.