From weekly groceries to new clothes and dream vacations, America is a nation of spenders.
But when you look back over your life, it’s likely that a handful of expenses stand out from the rest. These are the really big buys that only come along a few times over many decades.
Recently, Age Wave and Edward Jones broke down data from a number of sources — including the Federal Reserve — and created the following list of the most expensive purchases that the average American makes in a lifetime.
4. A college education
Average cost: $103,000
The ongoing debate over student loan forgiveness is a reminder of just how expensive a college education can be.
Fortunately, you can keep this expense down by using the “7 Essential Tips to Reduce College Costs.”
3. Raising a child to age 18
Average cost: $311,000
Probably no expense brings people more joy — and yes, the occasional headache — than raising a child. But as the above price tag makes clear, this adventure is not for the faint of heart.
For tips on cutting the cost of raising kids, check out:
- “10 Guilt-Free Ways to Stop Overspending on Your Kids and Grandkids“
- “6 Ideas to Help Parents Save on Child Care“
2. A home
Average cost: $397,000
Everybody knows homes are expensive. Perhaps the biggest surprise is that this purchase did not finish at No. 1 on this list.
If you are looking for a home, stop by the Money Talks News Solutions Center and search for a great mortgage rate.
1. A retirement
Average cost: $987,000
Saving for retirement is tough. You have to build a nest egg that will last for decades into the future, all while funding the day-to-day costs of the present.
If you are ready to tackle this largest of lifetime financial undertakings, check out: