7 Ways Being Single Could Help You Save More Money
Where my single ladies at?! Between the freedom to do whatever you please and the chance to really focus on yourself, being single has a ton of awesome benefits. One that might not come to mind right away? The money you save being single. Yes, paying rent and footing the bill can be costly when you’re living the solo life, but you’re also eligible to save more money without an SO — here’s how.
1. Rent could be cheaper.
First, living at home with your parents might totally be an option when you’re single. You could end up paying a lot less in rent (if anything), and then stashing away cash for your future Pinterest-perfect place. Even better, you might save money on utilities if you’re splitting the bills with the fam or if the ‘rents don’t ask you to contribute to heat, electric and water bills. However, if sleeping in your childhood bedroom isn’t possible, you have the chance to live with multiple roommates. The average price of rent in the U.S. hit a new high in 2018, at $1,405 per month, so sharing a house with three other people could cost you less, mean a lot more space and be so much more fun.
2. Food for one could be cheaper.
There are a ton of ways to save money grocery shopping, and when you’re single, you get to buy whatever you want to eat and drink. When you’re single, you don’t need to worry about keeping food in your apartment for an SO, like those sugary cereals or soda. You can truly pick and choose how often you go grocery shopping, how many times a week you want a PB&J sandwich (not judging) or if you eat mac ‘n’ cheese out of the box more often than you want to admit. It’s your life and diet, so you do you and it might just save you money.
Pro Tip: Download Ibotta and save even more money at the food store!
3. You might have more time to hustle.
Being single is the best because you can truly choose exactly what you want to do at all times. You don’t need to worry about spending a few hours on Saturday at an SO’s family party. Relationships take time and effort, so while you’re single, enjoy the freedom to do literally whatever you please — including hustling. You can start a side hustle or work a few more hours of overtime with ease if you’re really looking to save money, pay down debt and achieve financial freedom.
4. You could put more away in your 401(k).
When you’re single, the only person you might need to worry about is yourself. So when it comes to making, spending and saving money, you can choose how you do it all. That also means you can skip keeping that cash in your checking account just in case you need to buy a present for an SO, and instead put it into your retirement account. That money is taken out from your paycheck before taxes and so you end up saving more in the long run. Plus, a 401(k), 403(b) or other retirement account is a place to save for the future, so why not work on that while you’re single before you need that money for an earlier milestone like a house, wedding or kids? It’s your money, so make sure you do what you want with it before factoring someone else into the picture. Trust us, there’s time for that!
5. There’s no pressure to spend money on a wedding right now.
According to research from The Knot, the average price of a wedding in the U.S. in 2017 was $33,391. Yikes. Staying single longer (or forever) can help you avoid paying that (or any) amount of money for your big day. And if you do want to get married in the future, you have a lot more time to save! Even better, when you attend weddings while you’re single (or in a relationship), you can get so many ideas for how to throw yours in an affordable way.
6. Your debt is your own.
When it comes to debt, being single is a perk. If you don’t plan on getting married, then you have nothing to worry about. However, marriage can throw a wrench into your debt situation. Any debt that someone incurs before getting married won’t be legally brought into the marriage. However, any debt that is incurred after getting married and that has both partners’ names on the account is considered joint debt. So if you open a joint credit card account with your spouse and they decide to go on a shopping spree at Macy’s every month without paying it off, it could damage your credit. Enjoy being in charge of only your finances while you’re single!
7. You could get help paying for your kids’ college tuition now or in the future.
When you’re a single parent, whether that’s right now or in the future, it’s important to know that you can get help in sending yourself or your child to college. For instance, FAFSA will be calculated based on your sole income, which could result in more federal aid for you or your child. Additionally, there are government grants and college scholarships for single parents, which can help offset the price of tuition.
At the end of the day, being single means spending less money on someone else and more on yourself. You may not need to buy presents for a whole other family, and can maximize the amount that you stash away for your future. So take the time that you’d spend cuddling with an SO to learn how to budget better, save more money, pay down debt and invest. “The One” will come along, but for now, be the boss that you are and live up the solo life in any way you want.
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