A key stage of life is landing your first job, knowing that you are now capable of building a career and with money in your pocket to spend on those lifestyle essentials, such as buying your first household appliances or other lifestyle home essentials. With average full-time salaries at $80,000 when compared to just $19,000 in 1984 and average weekly earnings at $1,516, your income will have increased, even if the cost of living has also risen with the times. What’s more, disposable income for those aged 25-29 has grown 27% from 1985 to 2010.
Buying a first home is a major event in the average Aussie’s life, both financially and emotionally. But that isn’t stopping us getting on the property ladder with first home buyers accounting for 13.2% of all home buyers – finding interesting neighbourhoods to live in, purchasing brand new appliances or upgrading existing models for your first house or apartment, settling in, becoming part of the local community, creating a home. Remember that upfront costs can be 7% of the property price, while running a house costs owners with a mortgage an average of $453 per week, equating to 14% of a household’s gross weekly income.
Getting married and moving in together is a defining moment in your life journey, when you commit to spending and sharing a life together as partners. There are now more weddings each year than there was a decade ago – over 118,962 weddings per year, with New South Wales having the most marriages. The fun part of getting hitched is that you get to experience a wedding gift bonanza from family and friends, often including helpful kitchen appliances that you’ll receive for the first time and that become more meaningful as the years pass, a frequent reminder of the day when you both said “I do”.
Starting a family is a significant commitment but bringing a new life into the world and having your first baby – raising them, nurturing and caring for them, watching them grow – these moments of ‘firsts’ will become treasured family memories. The number of births set new records this decade with more than 300,000 births every year since 2008 – there are now more Australian mothers than ever before. Meanwhile, if you’re planning to have more than one baby, the cost of raising two kids is up to $812,000. Best to upgrade those desired household mod cons before the family starts to grow!
We spend billions of dollars renovating our beloved homes each year, with renovation spending at its highest level since 2012 – renovation projects have more than doubled since 2010 and we spend an average of $47,984 per household. As Aussies move through life, we love to upgrade our homes and change over our household contents, whether it’s painting an exterior wall or replacing a trusty kitchen fridge for one that’s shiny and new. State-by-state, Victorians spend the most on home renovations, forking out a whopping $2.15 billion last year.