31 - The Most Expensive Year of Your Life

Turning 31 is going to cost a pretty penny. That’s the age when people are likely to spend the most money in their entire lives, shelling out up to $60,000 in that single year, according to a recent survey by credit score company ClearScore.

ClearScore surveyed 3,000 people aged 25 and over and had each outline their expenses for that year. They found that 31-year-olds spent the most money, with the biggest expenses being getting married (27 percent), buying a house (25 percent), having a baby (20 percent) and paying for a honeymoon (14 percent). (Worth noting the average US worker’s salary is $44,564 a year.)

According to the ClearScore study, 60 percent of the 31-year-old participants said they had enough savings to cover the added expenses themselves at that age, while 33 percent of 25 to 34-year-olds had to ask their parents to loan them the money. In contrast, just 14 percent of people over 55 said their parents helped them financially at 31. The findings also show that 31-year-olds still worry about saving money, particularly for retirement and having children, with 20 percent admitting they use credit cards for big purchases, compared to just 8 percent of people over 55.

Other 31-year-olds are investing in their futures. Sochi Lee, a Los Angeles-based entrepreneur who runs her own jewelry business and works part-time as a DJ, has invested thousands of dollars in business ventures and living alone.

“At this age, you’re making more money, but you’re also reinvesting in yourself because you’re on an upward career trajectory,” Lee says.

Link: https://nypost.com/2018/03/22/this-year-will-be-the-most-expensive-year-of-your-life/



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