Being young and single often leads to some of the most exciting and wild times of your life. While a lot of people hope for that perfect, loving relationship, there are benefits to your single years and plenty of people love and embrace the single life. However, you may not realize how it is expensive to be single.
People living on their own take responsibility for 100% of their finances without anyone to fall back on or share the load. So while the single life may be perfect for you, be aware that you may need to budget differently than your married friends. Here are just a few of the reasons why life is more expensive for single individuals.
For individuals who want to live alone, rent for one-bedroom apartments is rapidly increasing and in some places, reaching the same price as a two-bedroom. Which means you’re paying drastically more than a couple with the same rent who gets to split the cost.
Rent isn’t the only place where expenses increase for singles. Grocery stores provide discounts for bulk purchases. Cell phone plans go down in price when you bundle them with a partner. Plus, general utility bills take less out of your wallet when you’re sharing the burden with a roommate or romantic partner.
Think of another plan that becomes cheaper when more people are involved, health care. Studies have shown that health care costs are thousands of dollars more for single people throughout their lifetimes. Especially for single women.
Just because you are single, doesn’t mean you don’t want children. Becoming a single parent can also be costly for women. This usually involves a private sperm donor and IVF treatment. Great fertility care can connect you with quality sperm banks and sperm donors for an affordable cost to help you achieve your dream of parenthood. But no matter how affordable the cost, it is still a process married partners may not need to engage in.
Gifts and Social Obligations
Socially, being single can also be costly. When you go out, to dinner or on a trip, your responsible for all costs from the hotel to wardrobe to food and drink. You also may get the short end of the stick when it comes to gifts. If you exchange with your family or with your married friends, you buy a present for everyone at Christmas time while you get one gift from everyone in return. It also doesn’t even out as you buy presents for weddings, then choose never to get married and miss out on the reciprocal benefits of wedding registries.
Now that you can see how singles have higher expenses, you may be wondering how to budget for them. Even with more financial responsibility, there are still some great ways to save as a single person.
Hire a Financial Planner
First of all, check-in with a financial planner. Experts like Mark Wiseman have extensive experience in investment and sustainability. Individuals invested in the overall industry will give you the best chance of growing your capital and achieving all your financial goals, even as a single wage earner.
Share What You Can
Just because you’re living as a single adult, doesn’t mean there aren’t some expenses you can share. There is no shame in staying on your family phone plan during adulthood or splitting a Netflix account with friends. Share the costs that you can to lower your expenses.
Debt can hold you back in life, especially when your expenses are high. Work to erase your debt quickly. List out what you owe, conquer the small bills first, and pay off as much as possible on your larger expenses. Stop borrowing and rely heavily on a budget. Getting rid of debt will give you much more freedom to spend money on the fun parts of life.
Save, Save, Save
Just because you’re single, doesn’t mean you can’t be saving. Set up your own retirement account and have a rainy day fund. Even though you don’t have another person there as a back up if you run into financial trouble, you can have your own savings to pull you through.
A big piece of advice for single people stressed about money is to not let that stress rush you. Relationships need time to grow. Don’t hurry into anything unhealthy or settle for less because you’re trying to save money. If you’re looking for a partner, they’re out there. You can keep yourself afloat long enough to find your perfect pair.