The finances of a single person can vary greatly from the finances of a person who is married, engaged, or even just dating, especially if you live with your significant other.
While I vastly prefer being single the majority of the time, I’ll admit that once in a while, I get a little jealous about some of the financial benefits that can come from being in a relationship.
But before I do too much wallowing, I usually realize that facts are facts, and for right now, I’ve got to embrace being single.
That acceptance includes both the financial benefits and drawbacks of being single.
If you’re wondering just how being single can impact your finances, here are 3 financial benefits and drawbacks of being single that I’ve experienced.
Financial Benefits of Being Single
1. You can focus on your career without feeling selfish.
Several of my friends who are in relationships have expressed that they wish they had more time to build their careers. But being in a relationship takes time and effort, thus they have to balance work with all the other “responsibilities” of being in a relationship.
When I choose to work late into the night to grow my business, there’s no one at home complaining that I don’t give them enough of my time or energy.
This has allowed me to grow my business a lot faster than if I had a family or significant other that required some of my time and attention as well.
2. Freedom to pursue your individual financial goals.
One of the things that I love about being single is that I can pursue whatever goals, financial and otherwise, that I want. I’m in control of deciding how to spend my time, money, and energy without having to worry about compromising with someone else who might have vastly different priorities.
Right now my goals are to continue working my way out of debt, while also enjoying some travel as a reward for my hard work. This goal, and the reward of travel, may not be something I’d have the freedom to pursue if I were in a relationship and my partner had different goals and ideas for what a reward for progress could be.
3. You shoulder all of the financial responsibility.
Taking on responsibility for everything that happens can be a positive.
If you have debt to pay off, you can rest assured that it’s only because of your own making. You don’t have to worry about if you should work together with a partner to pay off debt, or about feeling resentful if one person has considerably more debt than the other.
When you are single, you know that everything is of your own making and you are responsible for paying off all of your own mistakes.6 ways being single affects your financial situation: Click To Tweet
Financial Drawbacks of Being Single
1. You shoulder all of the financial responsibility.
Yes, I just listed this as a financial benefit of being single, but it can also be a drawback. When you are 100% responsible for all of the financial decisions, it can be hard to find accountability and motivation to keep working toward your financial goals when the going gets tough.
Paying off a significant amount of debt or building a large amount of savings for an emergency fund, a down payment on a house, or for some other reason entirely can, and will, get hard at some point.
You will likely experience debt fatigue from living on a limited budget to pay off your debt. When things like this happen, having a partner to help keep you motivated and accountable to your goals can be very helpful.
2. There’s no one to celebrate successes with.
This one is not entirely true. As a single person, I’ve found several friends within the financial blogger’s community, and in real life, that I can share my financial goals, progress, and wins with. They are always happy to help me celebrate my “wins”.
But having someone by your side every day can make you realize with much more clarity just how important it is to celebrate your successes. My friends are always willing to offer up a “good job”, but they may not know the struggles you went through to get there, thus they may not be able to fully appreciate your successes.
If someone is with you in the trenches day in and day out, they will be able to celebrate your successes and appreciate your progress much more.
3. Living expenses could be higher for single people.
In my area of the country (the Midwest in case you were wondering), living expenses tend to be far cheaper if you have a partner to split the bills with.
Because our housing is so cheap to be begin with, most people can rent or buy a larger place without being too concerned about price.
For instance, I currently own a 4 bedroom house. The reason I own such a large house is because it was in my price range and there weren’t a lot of other options for a smaller property.
If I were in a relationship and my significant other lived with me, we wouldn’t have to get a larger home to accommodate him and his stuff, but my housing expenses would be chopped in half. I’d say that’s a pretty big benefit of living with your significant other.
I realize that in other parts of the country, this one may or may not be true. But for me, I know I could make a lot more financial progress if I had someone to split the house payment with.
Sure, I could get a roommate, but I have chosen not to because I value my privacy. Living with a roommate and living with a significant other are definitely two different scenarios.
Accept the Good With the Bad
As of right now, I love being single and until (or unless) I meet the right person, I’m definitely ok with taking both the financial benefits and drawbacks of being single.
Plus, I know there are plenty of benefits and drawbacks of being in a relationship, too. This could just be a case of “the grass is always greener on the other side”.
Have you experience and financial benefits or drawbacks because of your relationship status?