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10 Reasons Why Being Single is Good for Your Bank Account

10 Reasons Why Being Single is Good for Your Bank Account
Diana Star Apr 29, 2019
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You don’t need to be in a relationship to gain fulfillment in life.

Yeah, I said it. Social media and society may claim that there’s something wrong with you if you’re single. But that’s false and ungrounded especially if you consider its benefits.

Sure, it’s depressing if all your friends settle down and you’re the last person standing but look on the bright side. Being single means that you have no one to please but yourself.

Besides, you rarely get to see the drawbacks that come with relationships, cheating being on top of the list plus the financial bit of it. Many people spend a fortune on their special ones. Whether it’s a car, a new house or some flowers, chocolate and wine every night for the lucky one, is it really worth it?

You may argue that you’ve got a well-paying job but look at things from a bigger picture. Setting aside that money for the future will be a worthwhile move on your end.

If you’re single, don’t beat yourself up. As a matter of fact, it’s reason enough to smile and enjoy your life.

Being single has got loads of great financial pluses and here are some of them.

1. A Less-Expensive Valentine’s Day

Valentine’s Day has different meanings for different people. It’s ironic that most people in relationships dread this day, especially guys. But that’s a story for another day.

If you’re in a relationship, it’s time to go out of your way for your special one. If you’re single, this day may not exist to you.

Or, you may decide to be your own Valentine and treat yourself on that day. It doesn’t have to be something fancy. Prepare your favourite meal for yourself or do anything that makes you feel special.

Whichever way you choose to look at it, being single on Valentine’s means that you’re free to decide how the day goes.

You don’t have to splash cash. You could sit in front of the TV with a bowl of popcorn and binge on your favourite series without a care in the world.

However, being single doesn’t mean that you isolate yourself from others. Here are some fun and pocket-friendly stuff you can do to brighten your Valentine’s Day:

  • Do something that you’ve always postponed.
  • Hang with your family or friends.
  • Go to the park.
  • Spoil yourself a bit.
  • Stay at home and have a blast.
  • Have a modest party at home with your friends.
  • Have some you time with no distractions.
  • Work out.
  • Try babysitting if you love kids.

Whatever you choose to do, don’t allow yourself to have a long face on Valentine’s. Find something that suits you and go for it.

2. It Encourages Frugality and Independence

One of the perks of being in a relationship is that you split bills and other expenses with your special one.

The problem is, it may not last for long because the future tends to throw surprises at us. It’s best to be ready for anything.

What’s more, you can’t discover your potential because you focus on your special one a lot.

On the flip side, choosing to stay single sharpens your financial sense. You know the value of money as you work for it. This prompts you to make a budget, open an account and practice healthy financial habits.

Being single makes you aware that there’s no one to clear any of your debts so you try as hard as you can to live frugally. You invest in your future by setting aside some cash for emergencies and retirement.

Even when you choose to spoil yourself, do so after you’ve gone through your budget and when you’ve identified some extra money that you can spend.

Additionally, you can handle any problem that comes your way without breaking a sweat. This promotes independence which is excellent for a couple of reasons.

It Makes You Feel Happy

What better way to bring happiness in your life than by providing for yourself? When you’re independent, you’re peaceful and feel fulfilled.

You’re Not a Burden to Anyone

No matter how supportive your friends and family may be, they have their limits. Especially when it comes to helping you out. Independence enables you to handle yourself, therefore lifting that burden from their shoulders.

It Raises Your Self-esteem

Most importantly, independence causes you to trust and love yourself more. You become proud of yourself and have the drive to try out new stuff.

3. You’ve Got Plenty of Time for Yourself

Which is, of course, a great thing. Instead of sulking and complaining about how much your life sucks, make the most of it.

You can do this by spending the time doing stuff that’ll benefit you financially, such as focusing on your hobby. Who knows? Whether you have a knack for cooking, painting or writing this could be a source of income for you.

It’s better if you have a first job and your hobby comes in as your part-time job. The busier you are, the more green you make.

When you get a raise at work or make some extra cash from your hobby, choose to put it into your savings.

Alternatively, you could go online and check out simple ways to make money. There’s no limit to the amount of cash you can make if you choose to focus on it.

The beauty of it is that you can decide to work from home if you want. Or, if you prefer having a day job, you could come home and strategize on how to improve your performance.

That being said, being in a relationship could be viewed to be more of a distraction since it requires time, dedication and commitment.

Most people go slightly overboard in their relationship. They will spend a lot of their time calling, texting or going out with their special other and will rarely have time for themselves.

It helps to view your single state as a period to establish yourself. If you’ll choose to be in a relationship later on, at least you’ll have added value to yourself.

4. You Spend Less on Food

Whether you choose to have a homemade meal or prefer eating out, the fact remains; providing food for two is way costlier. Think of the ingredients you use.

It’s even more expensive if your special other has a healthy appetite. And, eats more than the recommended three times a day.

What do you do since the options don’t seem comforting enough? Well, spending cash that would have otherwise gone to your savings to re-stock your fridge is something you’ll have to deal with.

Or, you could opt to be brutally honest and tell them the cold hard truth. The drama that follows isn’t something you’d love to deal with later on.

Other than saving you from unnecessary fights, being single also allows you to save big on food. The best way to do this is to buy food that’s sure to last you for a while.

Then, cook it all and store it. Anytime you want to eat, all you have to do is heat it, and you’re good to go.

If you’re used to living a high-end life, it’s about time that you started adjusting to eating home-cooked meals.

You should also be picky about what you eat. Have a budget. Whatever you eat should be within your budget. There’s no harm eating out once in a while, but try to avoid this as much as possible.

If you’re living with a roommate, you can minimise your spending by splitting the cost of groceries with them. It’s also a great idea if you both agree to buy your own food.

5. You Handle Your Debts

Being single means that you’re in charge of your finances. And if you’re in debt, you know how many debts you have and how much you owe. There are no nasty surprises to expect.

On the other hand, being in a relationship has its drawbacks when it comes to debts. To start with, having your own bank account is no guarantee of financial security. This won’t cushion you from paying their debts for them.

That’s why it’s important to know all you can about your potential partner before deciding to go all in.

Having a special one requires you to be ready for anything, including clearing a debt that you know nothing about. Yeap.

And if you don’t pay much attention to your credit report, the seriousness of the issue might hit you mostly when you least expect it.

You’re expected to accept someone with their flaws, but how long can you clear their debt when they go further to add some more?

Your finances are likely to suffer if you have your partner’s debts piling on top of yours. Examples are student loans and credit card debts.

Enjoy your single status and make the most of it. If you’ve got debts, work on clearing them. If you don’t, well, it’s all up to you.

6. Buying Gifts? Not You

There’s a difference between buying gifts for yourself and buying gifts for your special one. If you’re the frugal kind of person, gifts probably don’t mean that much to you.

As much as you can, you’ll try and avoid buying them and you’ll choose to keep the money you’d spend on gifts in your savings, which is great.

If you decide to treat yourself, it’s because you haven’t done it in a while or you fancy the idea of doing something special for yourself.

When you’re in a relationship, gift-giving becomes a necessity especially if your partner is fussy and picky.

In a year, there are plenty of occasions that you’re required to buy gifts if you’re in a relationship.

Apart from Valentine’s Day, there’s the anniversary, their birthday, holidays and the list goes on and on.

The gifts, combined with expenses on stuff like massages and time at the spa, can affect your finances.

Regular gift-giving could land you in debt because you want to impress. If you wish to get into a relationship, make it clear to your partner that they shouldn’t expect too much from you.

What if you don’t want to be rude to your special one? How about making something for them?

Not only does this break monotony, but it keeps your bond strong as well. Handmade gifts are special because:

  • They’re from the heart, so they’re more valuable.
  • They’re pocket-friendly.
  • You can customize them to suit your special one’s taste.
  • They have a personal touch to them.
  • They’re made with love.

7. You’re In Charge of Your Entertainment

If you’re keen on setting aside money, adjusting every area in your life to make this possible should be your priority. This includes the entertainment area.

You may be single, but you prefer going to the movies or having a night out with your friends. This, of course, does more harm than good for your finances.

Why not switch gears and try money-saving ideas? Watching your favorite flicks online is one option.

If you’re the artsy or reading type, how about painting or reading? You could also fill in a crossword puzzle, spend time with your pet or have a game night.

You get to choose your entertainment as a single person. And, there’s no pressure from anyone.

The not-so-cool part about being in a relationship is that you may not always see eye to eye with your special one when it comes to such matters.

They may enjoy expensive entertainment while you don’t. It’s okay to step out and try something new, but if it’ll cost you financially, it’s a decision you have to rethink. If a disagreement between you two will lead to a breakup, then so be it.

Entertain yourself within your means. You may want to go on a vacation, but you don’t have enough money for it. That’s okay. Set travel goals for yourself.

Agree to try something new only after you’ve achieved those goals. The great news is, if you’re dedicated, you’ll accomplish these goals earlier than you thought. It’s a great way to remain focused while keeping an eye on your finances.

8. You’re Free to Take as Many Risks as You Want

The beautiful thing about life is the risks that come with it. Most people decide to view these risks as dangerous and choose to avoid them. It might sound like the right thing to do, while in fact, it isn’t. Fear prevents progress.

While you’re single, you handle every bit of your life as soon as you leave your old folks’ place. You make every decision on your own. You have no one to answer to, which is a great thing because the outcome of your choice depends on you.

Whether you choose to move to a smaller house, invest in some venture or work overtime, it’s totally okay.

Taking risks when it comes to finances is a great way to make them grow. All you have to do is consider your options wisely. Don’t take a risk blindly.

Risks are good and here’s why:

They Open Doors to New Opportunities

When you choose to step out of your comfort zone, you’ve taken a risk. You never know what you’ll come across, but often, you’ll love it. You can never enjoy such opportunities as long as you remain overly cautious.

They Always Have Rewards

It’s easy to believe that those who have made it are lucky. That’s not true. They took a risk to be where they are today. whether it’s leaving their country, quitting their day job or whatever, risk came before success.

They Are Wonderful Teachers

Everyone has their destiny. It’s alright to have someone to look up to, but taking a risk allows you to write your own story. When you try and fail, get up, dust yourself off and try again. Many successful people have had to try again and again before achieving success.

9. A Wedding Costs More Than You Can Imagine

You may have that desire to tie the knot. Why not? It looks pretty easy-and affordable. Other couples have walked down the aisle without any financial hitches, right? Wrong.

If you do your research, the cost of weddings seems to be spiraling as the years go by. Most couples borrow loans to finance the extravagant weddings they have. This is not to discourage you, but to let you in on what you should expect.

Even if you decide to have a simple wedding, you’ll have to spend some cash if you want your Big Day to be a success.

Sure, your buddies and family may chip in and contribute a bit. But chances are, it may not be enough to take care of the whole wedding. From decorations to the venue to food, and let’s not forget other expenses like cake, your wedding dress or suit, wedding rings and a band or DJ.

On average, a wedding should cost you approximately $30,000. Plus the honeymoon, you’re sure to throw more money than you originally planned for.

The best thing to do is to spot the kind of wedding you want. Use all the materials you have at your disposal to do some research. If possible, consult wedding experts for advice.

This will help you figure out how much money you should set aside. Of course, you need to add some extra cash for emergencies.

Afterwards, work towards raising the money if you don’t have the cash at hand. Even if it takes a while, the good thing is that you’ll have enough without having to ask for a loan.

10.  A Vacation is More Affordable

Vacations are great, but they can be expensive if you’re going with your special one. Restaurants, taxis, hotel rooms, rental cars among others will obviously charge more if you’re on vacation as a couple.

If you’ve chosen to have your vacation abroad, costs get higher. You’ll need to hire a travel agent to handle the travel details for you.

Plus, you may want to buy stuff to keep as souvenirs once you return home. The experience will be memorable, but it’ll also leave an unpleasant dent on your bank account.

Going on vacation as a single traveller has its benefits. First, it’s of course cheaper. You stick to your budget, so avoiding impulse spending is simple for you.

Additionally, wonderful sites like Couchsurfing are great. They provide you with an awesome experience at a pocket-friendly price.

Second, you decide which route you want to take. You don’t have to compromise to please your special one. What’s more, you plan your trip in a way that you want.

Third, you get to appreciate yourself more. Being on a vacation solo allows you to enjoy your own company and do stuff you want without causing unnecessary drama.

Fourth, a vacation is a great way to escape stress and relax if you go alone. As compared to someone with a nagging and noisy special one, you enjoy a peaceful and calm holiday.

Fifth, if you’ve never travelled abroad, it’s a great way to boost your confidence especially if you have a great time while on vacation. Once you come to the end of your vacation, you’ll look back and appreciate the entire experience.

Don’t Be In a Rush to Get Into a Relationship

The single life has its fair share of challenges but they’re nothing compared to what you have to endure while you’re in a relationship.

It’s time to stop letting others affect your decision and enjoy your single life. Try as much as you can to improve your finances while you’re alone.

It wouldn’t hurt to have some fun too. Spend time with your friends. Visit your family. But most importantly, work towards strengthening your finances.

You’ve got all the details you need. Now, work towards becoming independent financially. It’s never too late to start. It’s all about your attitude and approach towards everything.

This way, you’ll earn the respect of your special one in the not so distant future.

Diana Star

Comments (2)

Being single maybe good for bank account, but it sucks in everything else if you’ve been that status too long.

Being single maybe good for bank account, but it sucks in everything else if you’ve been that status too long.

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