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Is It More Expensive to Be Single or in a Relationship?

April 29, 2022
in Wealth Management
0
Is It More Expensive to Be Single or in a Relationship?

Greater housing flexibility

Being a singleton means you might not need as spacious digs. And it could also mean fewer amenities in your place. Plus, you enjoy greater housing flexibility. You won’t have to quibble with anyone over whether an apartment has central AC or a hot tub if that’s not what floats your boat.

Being single means that it could be a lot easier to get roomies and save on housing costs. While you could potentially share a house with others as a couple, it might not always work in your favor financially.

Don’t have wedding and honeymoon debt

Getting married is expensive, no doubt. Unless you’re one of the few people who stashed cash in preparation for those wedding bells, there’s likely debt from the wedding when you get married. According to The Knot, the average cost of a wedding in 2021 was $28,000, and $34,000 if you include the engagement ring. When you’re single, that’s one big-ticket expense that won’t even cross your radar.

Less chance of lifestyle creep

“Lifestyle creep” happens when your living expenses rise as your income rises. In turn, you might not be saving as much as you would like to. It can happen no matter what your relationship status is. However, it can more easily occur when you’re partnered.

Why’s that? Your partner might have different preferences and needs than you. While you might be perfectly happy cooking your meals at home, your foodie partner loves frequenting the four-dollar sign restaurants in town.

Also, when you’re operating on dual incomes, there’s an illusion that you can spend more. Lifestyle creep can also occur when partnered because your other half might be flashing cash on whatever they want. Like, did they just come home with a brand-new Slingshot Roadster? Sure did. Did they run it by you first? Nope.

If you’re newly single, it’s a great time to take inventory and downsize or nix entirely some of those streaming services and food delivery subscriptions that might’ve snuck up on you while coupled. It will help you save — and it’s super cathartic and freeing!

Don’t run the risk of getting divorced

If you’re not married, the chances of dealing with the financial costs of going to splitsville and divorcing are zero. The costs of splitting up can vary but can run into thousands of dollars and upwards.

According to a survey by Nolo.com, the average price tag of an attorney’s divorce fees in the U.S. is $11,300. This includes the legal costs of mediation or going to court and legal fees to get separated. Plus, there’s the big question of whether you’ll be splitting assets and alimony.

Save by not having kids

If you’re single and don’t have kids, you’re looking at hundreds of thousands of dollars in savings. According to the USDA, the cost of raising a child born in 2015 until they’re 17 is $233,610. It’s a jaw-dropping number, no doubt. And it doesn’t include sending them to college, which can easily add another $40,000 plus.

But everything from diapers and daycare to the costs of food and clothes on their back adds up quickly. That’s money you can put toward your savings, debt payments, or another money goal.

Don’t worry about taking on someone else’s debt

Here’s the thing, if you live in a common law property state (there are 41 of them), you won’t need to fret over acquiring your spouse’s debt. That’s because assets and debt either of you acquires while you’re married are yours.

But if you live in a community property state – Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin  –that credit card debt, personal loan debt, and car debt that you take on during marriage are considered shared. When you’re single, that’s not a concern that will ever cross your mind, nor is it something you might get sacked with down the line.  

Always in the driver’s seat on all your financial decisions

It might seem like all sunshine, lollipops, and rainbows when couples enjoy certain financial perks like tax savings and dual incomes. But when you’re coupled, you need to hash out your priorities and goals and how money plays into them. 

If you and your boo have different narratives and experiences around money you’re bound to butt heads occasionally. For instance, they might be more than happy to spend $100 or more on a weekly dinner, while you’d prefer that money go toward paying off your student debt.

Getting on the same financial page with a partner isn’t always easy and requires work. When you’re single, you have complete autonomy over your money decisions. 

Source
Is It More Expensive to Be Single or in a Relationship? is written by Jackie Lam for www.chime.com

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