We have some bad news for the millennial generation who are set to enter their 30s. This age marks your entry into the world of responsibilities, bidding goodbye to your youthful days. According to a recent survey, there is one year in your life when you are like to spend the most money, i.e., 31.
No longer really considered a young adult, 31 is typically considered a solidly adult age, which makes sense when you consider just how much money you'll have to spend. 31-year-olds don't just blow their savings for the fun of it. Their year is filled with expensive special occasions that require a significant expenditure.
The biggest expense at this age is undoubtedly, getting married. According to survey conducted by ClearScore and quoted by The Independent, 27 per cent of those surveyed said that getting married was by far the most expensive event of your 31st year of life. Unfortunately, buying a house wasn't far behind - with 25 per cent considering this to be the biggest expense.
Babies are also pretty expensive endeavors, a fact 20 per cent of those surveyed agreed with. Also, we all want to treat our loved one to a vacation after all the money pressure, 14 per cent said going on a honeymoon was the biggest expense of the year. The good news is you'll likely have your parents to lessen the burden, as 33 per cent of 25 to 34-year-olds revealed they still receive financial help from their parents.