Published On: Tue, May 31st, 2016

The Financial Perks of Being Single

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Being single isn’t always viewed positively. Most people dread being single and will jump from relationship to relationship, chasing companionship no matter how superficial it may be. But, have you ever thought of the financial implications of a relationship? How much money does having a significant other actually cost?

Unfortunately, no studies exist on the exact cost of having a boyfriend or girlfriend. One blog cites references from readers ranging from $100 to $400 per month, though I believe some would argue that it’s more expensive than that, especially for men. Either way, you can’t deny that being in a relationship costs money. Thus, the opposite is also true – there are financial perks to being single.

  1. Food.
    When you think of dating, going out to eat is probably the first thing that comes to mind. Going out to eat is the go-to date idea, whether it’s sharing your favorite restaurants or sharing the experience of a new spot or cuisine. When you’re in a relationship, you tend to spend more time and money on eating out.sunsetBeing single allows you the opportunity to cook at home more often, which is a significant cost savings. And it probably helps your waistline, too!
  2. Gifts.
    For both sexes, relationships cost significantly more than being single when it comes to buying gifts. There’s Christmas, where you have to buy double the gifts, plus extra holidays like Valentine’s Day, Anniversaries, and their birthday. You may even find yourself buying gifts for your significant others’ friends, too, which just adds to your running total. Being single means less spent on gifts for other people… and probably more spent on spoiling yourself!
  1. Going Out.
    In relationships, your social obligations double and suddenly you’re required to attend twice as many dinner parties, happy hours, birthdays, and nights out than you did when you were single. Before you know it, your nights and weekends are chock full of bank-account-draining social activities. And, of course, you want to be there for your boyfriend or girlfriend and spend time with the people who are important to them. But it can get financially and physically exhausting keeping up with it all.Single people don’t have these problems.
  2. Future.
    One commonality between single people that I see is how focused they are on bettering themselves and their careers. While not an immediate benefit, this kind of dedication will pay off in the long run. The more you focus on advancing your career and becoming a professional, the more you’ll make.
  1. Free time.
    As they say, time is money. And you have a lot more free time when you’re single. Time to fix your car, your house or apartment, yourself, whatever it may be, which will result in cost savings. You may even use that extra time to get a side hustle to make some extra cash. Yet another financial perk!

With all these benefits, who wouldn’t want to be single?!
Source: Young Finances

Bre Bush
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- Bre is a contributing writer at Young Finances.

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Did you know?

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study