Photo Credit: Stuart Miles
There are many advantages of having joint finances with your spouse: additional income and financial security being a couple of the most important. However, now that I have been on both sides of the fence I’d say there are just as many financial advantages of being single.
Here are some of the biggest financial advantages of being on your own.
Control Over the Budget
When I was married I was the one with the frugal tendencies. I’d beg for my then husband to help me create and fine tune our budget but he never had any interest.
Instead I was given the checkbook and all the bills. He would withdraw money as he needed and that was pretty much the extent of our financial discussions.
When you’re single you can custom tailor your budget to work for you. You can create financial goals and adjust your budget to meet them. You don’t have to try and convince another person to get on board with you.
Creating Multiple Income Streams
There’s only so much time in the day. And for someone trying to create their own business or side income streams then after the 9-5 is the only option.
Now, I’m not saying you should give up on love or family so you have more time to work. But if you’re single and in full force hustle mode then being on your own works in your advantage.
Investing at Your Own Pace
Some people are downright scared to invest. I know – I’ve felt this way before.
When you’re single you can invest at your own pace. If you’re just getting your feet wet you can go little by little. If you’re a seasoned investor you can sock away as much of your money into your account as you please.
You can also dabble into new investments without first having to ask for permission.
Lower Expenses
Lastly, when you’re the only adult in the household your expenses fall as well. You can live in a smaller house (my housing cost went from $800 to $226/month), pay less in utilities, forgo the cable if that’s what you choose, and spend less on food.
Final Thoughts
Obviously, I don’t recommend being single just for the financial advantages. But if you’re in this position you might as well look on the bright side.
Depending on your unique situation being single can have many financial advantages.