08 May How Staying Single Can be a Smart Money Move
Marriage can help keep some money in your wallet, but staying single is actually a smart money move. Sure, you’ll read a lot of articles about people paying off large amounts of debt, saving on rent, bills, etc. and its usually with couples doing it together. This doesn’t have to affect your financial plans or mean you need to go jump on a dating site. Do you think being single is going to cause you to have some financial drawbacks in life? It can actually pay off. Being single gives you power of independence and complete control of your finances. Let’s take a closer look.
Somewhere along the way, weddings have become a huge financial hit with the splurge of planning. According to The Knot, the average cost of a wedding in 2016 was 35,329. This amount has continued to rise. Not only will you avoid the headache of preparing the guest list, but best of all, there will be no exorbitant checks to write!
Engagement and Wedding Rings
Although how much you spend on a ring can depend on each individual’s salary, debt, spending, and ring preferences, these purchases can potentially wreck your finances. Studies have shown the average ring cost in 2016 is around 5,750. Although this purchase is completely up to the people spending on it, you won’t have to worry about the financial stress of this large price tag.
Two can eat as cheaply as one? Not exactly. Grocery expenses can really add up when you have two people with different eating habits and preferences. According to GoBankingRates, when you are in a relationship your weekly grocery bill can increase up to an additional $140.00 per week. It doesn’t sounds so bad to be saving this amount per week does it? Go ahead, treat yourself, and drink out of the milk carton!
Purchasing a Home
It can be an easier decision in purchasing a home when you are the only titleholder. If you are the one paying for the mortgage, would you be okay having a partner on the deed as an equal owner? Another perk to purchasing your home without a partner will occur during tax season. If you are filing for taxes on your own, you’ll save money with tax-deductible expenses, such as property taxes and mortgage interest.
Although we hope divorce would never be the outcome, 40%-50% of marriages in the U.S. are ending and one the of the main causes of seperation is money. There is no exact number to how much a divorce can cost you and everyone’s case is different. Divorce can be a huge financial hit that you aren’t prepared for, or had been financially planning for, in your upcoming future.
Being in a relationship can have some financial perks in sharing life’s expenses, but no amount of money should convince you to settle down. It’s not always what it seems and staying financially independent has some major perks! If you like to stay in control, save money, and avoid the financial heartbreak, then staying single can be a really smart money move.