What Will Be The Most Expensive Year of Your Life?

Turning 31 is going to cost a pretty penny.  That’s the age when folks 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%), buying a house (25%), having a baby (20%) and paying for a honeymoon (14%).  (Worth noting the average US worker’s salary is $44,564 a year.)

According to the ClearScore study, 60% of the 31-year-old participants said they had enough savings to cover the added expenses themselves at that age, while 33% of 25 to 34-year-olds had to ask their parents to loan them the money.  In contrast, just 14% 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% admitting they use credit cards for big purchases, compared to just 8% of people over 55.

Source:  nypost.com

PHOTO:  Getty Images

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