6 Bills You Never Have To Pay After Your 30s
While it might feel like you’ll be stuck paying the same bills for the rest of your life, that’s not necessarily the case. Certain expenses become much less common as you get older, while others are likely to drop off forever. Once they do, you’ll have more money to spend on other things — or save and invest.
Try This: 10 Things Frugal People Always Buy at Yard Sales To Save Money
Trending Now: 6 Unusual Ways To Make Extra Money (That Actually Work)
Wherever you’re at financially right now, even if you’re struggling with certain expenses, take heart in knowing that these are some of the bills you can (most likely) kiss goodbye once you’ve hit 40 and beyond.
Student Loans
You’re not alone in dealing with student loan debt. Roughly 43 million borrowers have federal student loans. The average borrower owes just under $40,000 in federal and private student loans.
Although student loans might feel like an inevitable part of your life, you should be able to pay them off over time–likely before you hit your 40s.
Learn More: 5 Unnecessary Bills You Should Stop Paying in 2024
“Your student loans, if you had any, have probably been paid off by now. For the most part, people spend most of their 20s and 30s toiling under the heavy burden of these loans, but they’re usually paid off by age 40,” said Erika Kullberg, founder of Erika.com, an attorney, and personal finance expert. “Being free of this monthly drain can open up a huge amount of monthly slack and remove some major financial stress.”
Wedding Festivities
“Weddings are very expensive, and that’s for guests and the marrying couple,” said Scott Lieberman, founder of Touchdown Money. “Fortunately, most people’s friend groups are all either married by 40 or not going to bother. That means you can usually stop planning for trips to weddings and especially bachelor/bachelorette parties.”
It’s hard to say exactly how much you’ll spend on weddings during your 20s and 30s. For example, if you’re at a wedding party, you might have to purchase specific outfits. Even as a regular guest, you might still need to pay for clothes, plane tickets, hotel rooms and wedding gifts.
Mortgage
Many people take on a 30-year mortgage when buying a house. But there are shorter loan terms, including 10 and 15-year ones. If you went with one of those and purchased a house in your 20s, you could be just about done paying for it by the time you’re 40.
“Your mortgage payments might also be winding down if you took out a 15-year term (instead of 30 years) or simply made extra payments on your mortgage,” said Kullberg. “Either way, this huge reduction in monthly expenses creates significant financial slack and opportunity to begin saving.”
Education
You’re never too old to get an education, but when it comes to higher education options that result in advanced degrees, you might decide you’re done with this expense after your 30s.
“You can still go back to school if you want, but many people decide they’re happy with their education by age 40,” said Lieberman.
People who want to continue their pursuit of education are more likely to go for certificates or individual classes or workshops — things that build their skills or contribute to their knowledge.
Childcare Costs
If you’ve had kids, or are thinking about having them, you’re already familiar with the hefty childcare costs of having your own family. But you’ll spend less as your kids grow and eventually leave the house.
“Childcare costs are another major expense during one’s 30s, but they typically lessen as the children age and become more self-sufficient, going to school full-time and eventually leaving the roost,” said Kullberg. “These transitions can dramatically reduce the daily cost of living and reallocate funds to savings or other planned expenses.”
Even if you had a kid in your late 30s, you can still cut out the cost of infant supplies.
“By the time most people hit 40, they’ve decided they’re either done having children or won’t ever start,” said Lieberman. “For most people, any children they have will be out of diapers and heading into school, eliminating these expenses.”
Auto Loans
If you own a car, you pay for auto insurance, gas and general maintenance. But that auto loan you probably took out in your early adulthood should be about paid off by now–if not already gone.
“After your 30s, there are a few bills that you might no longer need to pay, but always depending on each person’s circumstances,” said Dre Villeroy, CEO at Beyorch. “There might be a chance you have also finished paying off your car loan (as many car loans are paid off within five to seven years).”
Some New Bills May Arise, Though
Of course, you should celebrate once you’ve said goodbye to those bills you’ll never have to pay again. But that doesn’t mean you should start spending your newfound cash on anything that catches your fancy.
Instead, you’re probably better off paying down any other debts and planning for your future.
“Entering age 40-plus territory means new financial commitments,” said Kullberg. “Restrictive insurance plans often kick in, requiring increased allocations to insurance premiums and cost-sharing, like co-pays. Retirement planning takes on a new urgency, which might mean increasing contributions to IRA accounts, 401(k)s and other retirement vehicles that will help us live out our golden years. And as our parents age, we might begin sharing the cost of their care or pay estate expenses.”
You may also see an increase in healthcare costs. Even if you don’t, you might still want to plan for long-term care.
“As you get older, you may require more frequent visits to the doctor and need to take more medications, thus increasing your healthcare expenses overall,” said Villeroy. “This leads to the next one, which is that you might need to start paying for long-term care insurance, as the likelihood of needing long-term care increases as you age.”
More From GOBankingRates
I'm a Shopping Expert: 9 Items I'd Never Put in My Grocery Cart
This is One of the Best Ways to Boost Your Retirement Savings in 2024
This article originally appeared on GOBankingRates.com: 6 Bills You Never Have To Pay After Your 30s
