What decade of your life is the most expensive?

What decade of your life is the most expensive?Every decade of your life will mark a new milestone. You’ll be starting a career, having a family, moving, travelling, marrying or retiring. Have you ever thought what decade of your life will be the most expensive? The Australian Institute of Health and Welfare says the average Australian life expectancy is 82 years old – that gives you roughly six decades of spending some serious cash.

What you need to know is what decade you will spend the most money in and what decade you will need to save the most for.

According to a media release by the Organisation of Economic Coordination and Development (ECD), a recent global survey found that 60 per cent of people have to set a household budget for themselves to get through life. That is good to know that other people need to be cautious of their spending habits just as much as you do.

Here is what you need to know about the first couple of decades of your working life:


In early 20s you may still be educating yourself. This is the best time to start your disciplined savings routine. According to the research by ECD, this will most likely be the poorest time in your life. You will be getting by on as little as possible, so turn that lesson into a future investment. Use those tactics that you used as a student for the years following the end of your study. If you continue to get by on the minimum, then you will be disciplined with your savings in the first few years of being in the work force.

Before hitting your 30’s, try and get a good credit rating. It will help you prepare for the decade when you most need it. A credit card that you pay off monthly should do the trick, if you use it wisely and pay it back consistently.


This is going to be the decade where you are probably going to spend the most money. Between the ages of 30 and 40 it is most likely the time you will buy a home, have a family and invest in property. The important thing to remember is to make sure you are financially prepared for number of life events. If you are preparing to buy a home, make sure that it is the right time to buy or rent. Talking to your financial advisor will help you understand your finances and will guide you in the right direction.

When it comes times to retirement, you need to start putting money aside for that as early as possible. Check out a guide to retirement for the best advice from Police Bank.