Our economy penalizes single people in a variety of ways; here's how to save despite this
Whether you enjoy being single or can't wait to get married, one thing is certain: being single is expensive. We've previously discussed personal money advice to use when single, but the expenses of being alone are seldom the consequence of personal failure. Instead, our economy values partnership—specifically, marriage, but also the fact that having a second income is advantageous. Here are all the ways why being single costs more than being married, as well as how you may save money as a single person.
Our economy is not set up to assist single individuals
There are other small-scale expenses that come with being single, ranging from first-date cocktails and takeout for one to no one to split streaming subscription prices. However, the true costs of living alone are significantly higher.
In a 2013 article for The Atlantic, Lisa Arnold and Christina Campbell discovered that being single might cost up to $1 million more over a lifetime than being married. According to The Skimm, an unmarried woman would need to earn 65% of the income of a two-person home to achieve the same level of living as a (hetero) married couple. According to Vox, this is because American society is "structurally antagonistic" toward single individuals because many economic breaks still depend around the institution of marriage. Benefits for retirement funds, social security, and health insurance all reflect this. And then there's the tax code, where the distinction between "single" and "married" filing status is still entrenched in 1950s middle-class marriages of home-owning couples. Forget about the price of arranging a grandiose wedding: it appears that not getting married is the more expensive option.
Tips for Saving Money When You're Single
So, what can you do when you can't reorganize the American tax system on your own? Here are some simple yet effective ways to save extra money as a single person.
First, figure out where you can save money. One distinct perk of being single is having complete control over your financial decisions. You may pick how and where to cut your expenditure without involving other people or engaging in a lengthy debate.
Another simple method to save money is to hone your single-living abilities, such as learning how to cook for one. It's useful to know how to avoid eating the same leftovers all week. Similarly, here are some additional grocery shop money-saving suggestions.
Finally, discover how to fill your social life with low-cost possibilities. Avoid financial peer pressure by bringing cheap alternatives to the table. Here is a collection of budget-friendly social plans. And, one again, here are some additional personal financial suggestions to use while you're single.
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