You won't believe how much we spend in our lifetime
IMAGE | PARAMOUNT PICTURES
The only time we really think about how much we're spending is the days before pay day when we're left questioning whether we REALLY needed to take all those Ubers instead of public transport... But have you ever stopped to think about how much we spend in a lifetime?
It turns out that by the time we're in our 20s we're spending pretty big already! A single person aged 35 and under is reportedly spending $869 a week according to Money Smart, if we multiply that by 52 weeks to get the yearly spend we get a whopping $45,188. We did NOT realise we spent so much!
That weekly spend takes into account the money we send on housing, fuel and power, food and drinks, medical and health expenses, alcohol, transport and recreation.
The numbers we'll be using can be found here:
IMAGE | MONEY SMART
We're going to base the lifetime spending on someone who is financially independent from the age of 21. Our 21-year-old is living by themselves until they're 28-years-old when they move in with their significant other. Once they turn 32 they've got their first child together, a few years later another one – yep, that escalated quickly!
Taking this into account we can find the average amount a person will spend in a lifetime.
The spend from age 21 to age 28: $45,188 x 7 = $316,316.
The spend from age 28 to age 32: $74,308 x 4 = $297,232
The spend from age 32 to age 37: $77,168 x 5 = $385,840
The spend from age 37 to age 46: $86,840 x 9 = $781,560
The spend from age 46 to age 56: $98,800 x 10 = $988,000
After the age of 56 our person is probably spending less on their children, so we are going to take the weekly spend back to the average spend of the last four life stages pictured above, which is approximately $1621.
Having said that...
The spend from age 56 to age 82 (the average life expectancy in Australia): $84,292 x 26 = $2,191,592
Let's add all that together shall we:
316,316 + 297,232 + 385,840 + 781,560 + 988,000 + 2,191,592 = $4,960,540
IMAGE | GIPHY
This is of course simply an average and won't be correct for everyone, but we must admit, we're pretty surprised!
Don't want to have to worry about spending your hard earned cash on a holiday? Check out this competition with Powerball that could see you walk away with $1000 and a $50,000 around-the-world holiday – that's more than our current yearly spend!