There are, undeniably, some benefits to being married. Both financially, and otherwise. But, are there benefits to being single as well? Would you be better off single?
One of the biggest financial benefits to being married is the ability to have two full-time incomes coming into the household. Using both incomes, we have the ability to save more money for retirement and for emergencies. But, we’ve still got to have the ability to see each other once in a while, so we have a limited ability to extend our work hours to increase our incomes. Being single, you have the ability to work 10-12 hours a day, and increase your income through overtime, or through a second, after-hours job.
As a single person, there’s no arguments over where the money should go, how much of it to save, or whether a person can survive on a diet of rice and beans. Frugality can be taken to extremes that are usually off limits to the married. Want to live in a one room shack with limited heating and cooling because you’re at work more than you’re at home? If you’re single, you can do that. Being married, especially if there are children, makes that a near impossibility. Want to take up a bike lane living lifestyle? In North Dakota? If you’re single, that’s probably possible. Married? With kids? Think again.
Being single also helps you save money. There are no Valentines gifts or anniversary gifts needed. Why buy a fancy bedroom set when a mattress on the floor will do the trick? Your dining out bill is easily cut in half, or more, since you don’t need to eat at those fancy restaurants. Taco Bell and Dominos will do just fine.
Without the restrictions on your time, you have free rein to do what you want, when you want to do it.
Are you single? Are you better off financially than you would be if you were married? Are you married? What do you think? Would you be better off, financially, if you were single?
I started this blog to share what I know and what I was learning about personal finance. Along the way I’ve met and found many blogging friends. Please feel free to connect with me on the Beating Broke accounts: Twitter and Facebook.