Whether you love the single life or can’t wait to be paired up, one thing’s for sure: Being single is expensive. we’ve covered before Personal Finance Tips to Take Advantage of Being Single, But the cost of living alone is rarely the result of personal failure. Instead, our economy privileges partnerships—especially marriage, but also The simple fact is that it pays to have a second income. Here are all the ways being single is more expensive than being married, and what you can do to save money as an individual.
Our economy is not built to help single people
already-date drink and takeout for one No one to help split streaming subscription costsWith being single comes a lot of little expenses. But the real penalty of being single is far greater.
writing for the Atlantic In 2013, Lisa Arnold and Christina Campbell found that over a lifetime, it can cost over $1 million Being single more than married. more recently, skim report An unmarried woman would need to earn 65% of two men Household income to reach the same standard of living as a (heterosexual) married couple. The reason for this, as Vox explains, is that American society is “structurally hostile” towards single people, as many economic breaks still revolve around the institution of marriage. You can see this in the benefits of retirement accounts, Social Security and health insurance. And of course there’s the tax code, in which the “single” versus “married” filing status is still rooted in 1950s middle-class marriages. w of jointsown their homes, Forget the Cost of a Big Wedding: It feel like choosing No Getting married is an expensive option.
Tips to save while being single
So what can you do when you can’t restructure the US tax system alone? Here are small but attainable tips for saving more when you’re a single person.
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First, determine where you can cut. One unique advantage of being single is that you are in control of your financial decisions. You can choose how and where to do it curb your spending Without the need to factor in other people or some drawn-out discussion.
Another easy way to save Hone your single-living skills, like learning how to cook for one person. it helps to know How No myself to waste the same leftovers all week. Similarly, Here are some more tips for saving money at the grocery store,
Finally, learn how to fill your social life with affordable options. avoid financial peer pressureAnd come to the table with affordable options. Here is a list of ideas for social plans That won’t break the bank. And then, here we have more Personal Finance Tips to Take Advantage of Being Single,