Image Credit: SNL.
We all spent our childhoods excited for the days we would finally be an adult and have independence.
Now that we have reached those days, a lot of us were wishing we could rewind time, because being an adult is so darn freakin’ expensive.
Instead of spending our well-earned moolah on things we really want, we’re pilling off a tonne of bills and have nearly given up hope on buying our dream homes…
It’s no secret that adult life is filled with paying bills and forking out cash, but there’s a particular year that you need to fear the most: the age that has been labelled the most expensive one you’ll face…
Money Expert Bessie Hassan from finder.com.au has revealed the age at which the average Australian will have the most debts and expenses in their life.
What’s that age you ask?
Well, look forward to your most expensive year at the age of 33.
Hassan revealed to Mamamia, “With most families marrying, paying off their HECS debt, buying a home and having children - the mid-to-late 30s is considered the most expensive period in life for Australians.”
The 33 age target was determined by taking into account major life events of individuals, such as: "university degree ($50,000), the average cost of a wedding ($22,669), the average house deposit needed to buy in Sydney, Melbourne and Canberra ($148,200), the remaining mortgage balance ($592,800) and the average cost of raising a child to the age of 21 ($169,470)."
Thirty-three is the “average age when many of these debts are consumed.”
According to research data, our debts and expenses start to rise from the age of 24, remaining steady for our 20’s, and then we face huge increase in our 30’s which then drops as we enter our 40’s.
Approaching 33 and need to be a little more money-smart?
Hassan explained, “It’s important to be prepared for this period. Make sure to plan ahead; it’s never too early to start thinking about your future and that should involve putting away a portion of your income.
"No matter how small, doing so on a regular basis is the key. The average Australians takes five years to save a housing deposit, for example.”
We better start saving…