Although it may feel like you never have any money, according to a recent study, the age of 31 is the most expensive year of your life.
If you aren’t there yet, the worst is yet to come, so maybe you should start saving now?
Credit check company ClearScore surveyed a total of 3000 people, asking questions about expenses and finances.
A reported by The New Zealand Herald, they discovered people aged 31 spent the most, splashing around $81,955 on a first home, weddings, honeymoons and having a baby.
The total is almost double the average salary in the UK.
Unfortunately though, these life-defining events – which are ridiculously expensive – do tend to happen around the age of 31, as your expenses go from pints to childcare.
According to the research, the biggest expense 31-year-olds’ have is a wedding, with 27 per cent of those asked stating marriage hit them the hardest.
25 per cent said buying a house was their priciest expense with the same amount claiming having children saw them spend the most.
14 per cent said paying for a honeymoon was the most expensive thing they did in their thirty-first year.
Maybe it’s time to move back home so you can save, save and save while getting ready for the most expensive year of your life?
It’s certainly the cheaper option as a new study has revealed millennials can expect to pay a total of £1,584 a year to live at home with their parents.
Although many of us want to move out of our mum and dad’s house as soon as possible, a few people prefer the home comforts.
With parents charging an average of £132 a month to live under their roof, you can see why some would want to stay.
Of that amount, £68 is classed as rent while the other £31 goes towards the bills, with the last £33 going towards the cost of food.
However, just under one in five parents admit they’re actually too embarrassed to ask their children for money despite wanting them to contribute.
More than half of parents don’t even know how much to charge for rent and everything else in the first place.
The research, which was commissioned by Compare The Market, also revealed more than one in 10 parents have said their kids refused to pay towards household bills.
Kids refusing to pay their way can create a huge problem though, as almost one quarter of parents surveyed admitted they couldn’t afford to pay their rent or mortgage without the extra money.
Chris King, Head of Home at Compare the Market, said:
With the cost of living increasing year on year, we’re not surprised more than half of parents are charging their adult children to live at home with them, not only from a financial perspective but also to help teach them the true value of money.
Three quarters of parents fed back there isn’t enough information on how much you can legitimately charge your child to live at home with you.
More than two thirds of parents believe their children should pay their way when they become adults.