Does Being Single Save Money? Unveiling the Financial Advantages of Solo Living

Being single often gets a bad rap in our society We’re constantly bombarded with messages that finding “the one” is essential to being complete But what if I told you that flying solo might actually be doing wonders for your bank account? As someone who’s experienced both relationship statuses, I’ve noticed some interesting financial patterns that deserve attention.

The Hidden Financial Perks of Single Life

Let’s face it – relationships can be expensive! When you’re single, you have complete control over your money, your time, and your financial decisions. No need to compromise on spending habits or financial goals. This freedom can translate into significant savings over time.

Spend Less, Save More

When you’re a party of one. your expenses are naturally lower in several key areas

Grocery Bills

Single people typically spend significantly less on food. According to recent data, a single person might spend around £44 per week on groceries, while a household with at least two people could see that number jump to £74 weekly. That’s a difference of £30 each week – or over £1,500 per year!

Plus, when you’re single, you don’t have to worry about catering to someone else’s tastes. You can:

• Buy exactly what you want
• Purchase smaller quantities that won’t go to waste
• Take advantage of individual meal deals
• Eat the same leftovers multiple nights without complaints

Entertainment Expenses

Think about it – date nights add up quickly! When you’re single

• Movie tickets for one instead of two
• No pressure to go to expensive restaurants to “keep the romance alive”
• Freedom to choose free or low-cost entertainment options
• No gift-giving obligations for anniversaries, Valentine’s Day, etc.

Household Expenses

While sharing housing costs can sometimes save money, that’s not always the case. As a single person:

• You can choose to live in a smaller, more affordable space
• Your utility bills reflect only your usage
• You can set your thermostat to whatever temperature YOU find comfortable
• No arguments about whether that fancy new couch is worth the money

More Time to Hustle

One of the most overlooked financial benefits of being single is the gift of time. Relationships require significant time investment – from regular date nights to simply maintaining daily communication.

When you’re single, you can redirect that time toward money-making or money-saving activities:

• Side Hustles: Use your evenings and weekends to start a side business or take on freelance work
• Career Advancement: Dedicate more time to professional development or education
• DIY Projects: Learn to handle home repairs, cooking, and other tasks yourself rather than paying others
• Financial Education: Spend time researching investments and money management techniques

As the article mentions, when you’re in a relationship, evenings can quickly fill up with cooking for two, doing twice the dishes, and listening to your partner’s work drama. Singles can use this time however they choose – including ways that boost their bank accounts.

Your Money, Your Priorities

Perhaps the biggest financial advantage of singledom is complete autonomy over your financial decisions. No need to negotiate or compromise – your money goes exactly where YOU want it to go.

When you’re single, you can:

• Set financial goals based solely on your own values and timeline
• Make rapid changes to your budget without lengthy discussions
• Take calculated risks with investments
• Save aggressively for your specific priorities (whether that’s travel, home ownership, or early retirement)

This freedom allows for laser-focused financial planning. Maybe you want to live ultra-frugally for a few years to build a substantial investment portfolio. Or perhaps you value experiences over possessions and want to spend on travel while living minimally at home. Either way, you don’t need anyone’s approval but your own.

Taking Financial Risks

Couples often need to find a middle ground when it comes to financial risk tolerance. When you’re single, you can align your investment strategy perfectly with your personal comfort level.

As noted in the article, single people have more freedom to:

• Invest in higher-risk, higher-reward opportunities
• Make quicker financial decisions without consultation
• Adjust investment strategies based solely on personal goals
• Take chances on entrepreneurial ventures

This flexibility can potentially lead to greater wealth accumulation over time, especially for those comfortable with moderate investment risk.

The Single Life Savings Plan

If you’re single and want to maximize this financial advantage, consider implementing these strategies:

1. Build an Emergency Fund First

Without a partner’s income to fall back on, having a robust emergency fund is essential. Aim for 3-6 months of living expenses in an easily accessible account.

2. Maximize Retirement Contributions

Take advantage of your financial independence by contributing the maximum to retirement accounts:

• Contribute to workplace pension schemes
• Consider opening a personal pension
• Look into Stocks and Shares ISAs for tax-efficient investing

3. Invest Strategically

As the article mentions, singles may have more flexibility to take investment risks. Consider:

• Diversifying across different investment types
• Exploring robo-advisors like Wealthify that make investing accessible
• Staying invested for the long-term (studies show investing in the FTSE 100 for any 10-year period between 1986 and 2022 gave an 88% chance of positive returns)

Remember that with investing, your capital is at risk, and you could get back less than you put in.

4. Optimize Your Housing Situation

Housing is typically our biggest expense. As a single person, you might:

• Consider house-sharing to reduce costs
• Look into smaller, more affordable properties
• Explore areas with lower cost of living if remote work is an option

5. Develop Multiple Income Streams

Use your free time to create additional income sources:

• Start a side business
• Offer freelance services
• Consider renting out a spare room
• Look into passive income opportunities

But What About Shared Expenses?

Now, I know what you’re thinking – “But don’t couples save money by sharing expenses?” Sometimes, but not always. Here’s why:

1. Lifestyle Inflation – Couples often increase their spending on dining out, entertainment, and vacations to “nurture the relationship”

2. Different Money Styles – If one partner is a spender and the other a saver, the spender often “wins” in day-to-day decisions

3. Obligation Spending – Relationships come with financial obligations: anniversaries, meeting social expectations, gift-giving, etc.

4. Family Expansion – Many relationships eventually lead to children, which significantly increases expenses

5. Complex Financial Planning – Aligning two people’s financial goals and strategies takes time and often involves compromise

The Bottom Line: Single Does Not Mean Financially Disadvantaged

Society may push the narrative that being single is somehow less desirable, but when it comes to finances, flying solo can offer significant advantages. With lower expenses, more control, and the freedom to take calculated risks, singles often have more opportunity to build wealth on their own terms.

Does being single guarantee financial success? Of course not. Your financial habits matter more than your relationship status. However, being single does provide unique opportunities to save, invest, and grow wealth that shouldn’t be overlooked.

So if you’re single, embrace the financial freedom that comes with it! Use this time to build strong financial habits, grow your wealth, and create the life you want – whether that eventually includes a partner or not.

Final Thoughts

I’ve found that being single has allowed me to make bold financial moves that might have been harder to negotiate in a relationship. From taking a pay cut to pursue a more fulfilling career to investing in my own business ventures, the freedom to make unilateral financial decisions has been invaluable.

Remember that financial success isn’t just about how much you earn – it’s about how intentionally you manage what you have. And being single gives you complete freedom to be as intentional as possible with every pound.

What financial advantages have you noticed from being single? Or if you’re in a relationship, how do you balance financial decisions with your partner? The money conversation is always evolving, and I’d love to hear your experiences!

The “$27.40 rule” is a savings strategy where you save approximately $27.40 every day to accumulate around $10,000 in a year. It breaks down a large savings goal into a small, daily, and more manageable amount, making it easier to build consistency and discipline for financial goals.

Yes, $5,000 a month is a good income for a single person, as it’s a solid salary that is more than the national average monthly expenses and generally livable, especially outside of expensive metropolitan areas.

It is generally cheaper to be married because couples can share expenses like housing, utilities, and insurance, and often receive tax benefits and other financial advantages that are not available to single individuals.