Happy Valentine’s Day! There’s something for everyone in today’s post, which looks at the financial benefits of being single AND the financial benefits of being in a partnership.
Singleton money benefits
- You have more time to yourself, which means you have more time to develop a side hustle or additional income streams. When you’re next in a relationship you won’t be able to be as selfish with your time as you can now, so you should take advantage of it and build multiple income sources for yourself now while finding the time is easier.
- You only have your own debt to worry about. If you join finances as a couple, your disposable income is dependent on how much debt your partner has. When you’re single, you don’t have to worry about anyone else’s financial liabilities but your own.
- It’s only your decision what your financial priorities are. You don’t have to negotiate your financial priorities with someone else, who may not always have the same goals and money mindset as you. Don’t want to go on an expensive holiday? Don’t! Extra subscription television services aren’t important to you? Don’t pay for them! Don’t care if you try out the latest hot new restaurant in your town? Skip it. It works the other way too, you can go for what you want to prioritise without negotiating with anyone else. Want to invest in the stock market? Take an expensive course? Treat yourself to a new purchase? You can just decide to do it.
- You are less likely to have dependants. Let’s face it, kids are expensive. If you’re not in a relationship, you may still have kids, but you may not as well. If you don’t currently have kids because you haven’t found the right partner, then that equals less financial responsibilities.
- You can go for more risks and opportunities in your career. When you’re single, you can go for that promotion or new job in a new city and move without having to worry about if your partner’s on board and what their job prospects are.
Financial benefits of being in a couple
- Renting. If you live in an expensive city, you can rent a one bedroom flat with your partner and split it. Fellow singletons often find themselves in not so nice flat shares if they want to save money by co-living, or alternatively shelling out for a studio or one bedroom on their own if they don’t want to compromise by living with someone else.
- Food. If you bulk cook there’s someone else to help eat it all before it goes off. There’s also someone else to split the cost of groceries.
- Buying a home. With a joint income, it’s easier to come up with the deposit or down payment for the property, and easier to be approved for the mortgage and afford the repayments without being house poor.
- Lower dating related costs. Sure, when you’re in a couple you’re still going to go out on date night, but you’re less likely to be tempted to buy a whole new outfit each time, or spend large amounts of money on your appearance.
- You can attempt to live on one income. This is a fast-track to saving up a large amount of money that a lot of couples are advised to try. For more information on how you and your partner could go about implementing this, see my post: here.
Can you think of any financial benefits of being single or being in a couple that I’ve missed? Let me know in the comments below!