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The cost of milestones

The cost of milestones

Category: Money
29/12/2017

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

As we get closer to having to start working on those new year's resolutions, you might want to see what the cost of some of life's major milestones can be. Whether your resolution is to buy a car or start your own business, you'll need funds to get started. How much? American Express has found out.

Life starts at… 30?

Their research focused on people in their 30s, as they are the most likely age group to work on major life-changing milestones and put down roots. However, that shouldn't stop anyone either younger or older from pursuing their dreams, and the savings
necessary to make those dreams a reality.

American Express found that by far the most expensive milestone, achieved by 28% of those in their 30s, is renovating a house, which has an average cost of £33,359. In second place is getting married, which costs on average £18,356 and 33% of people in their 30s achieve,
followed by starting a family (£17,198 and the largest percentage at 41%). Buying a car (£13,556), starting a business (£12,778) and getting further education (£12,034) cost a bit less again, but still require a decent sum of money.

Jenny Cheung, director at American Express, said: "30-year-olds may have many major purchases to consider in this decade, so taking a shrewd approach to your finances can allow you to make the most of these peak spending moments."

Turning dreams into reality

Being financially shrewd can of course mean saving as much as you can, as fast as you can. Shopping at a different supermarket, reducing the amount of takeaway coffees or meals you have and putting all your change in a piggybank can all make a difference.

If you have to spend, and your credit score is up to scratch, you might want to consider using a cashback credit card to get something back from your spending. Another good way to gain some interest and other rewards is by seeking out a high interest current account with a cashback offer.

Once you've got a decent pot, you'll want to put it in a competitive savings account – have a look at our Best Buys to see if there's one that suits you.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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