Here’s Why Being Single Is More Costly

Inflation across the globe is at an all-time high, which has led to rising living costs. In the past, if someone could earn $2,000 and spend $1,500 on their bills, groceries, and other things, they could put the other $500 into their savings account. However, the living costs have increased to the point that most people no longer have the privilege to save. In fact, they are struggling to make ends meet.

This situation calls for people to make smart choices and decisions regarding their finances. However, sometimes, people don’t know where to start. A good first step would be to examine your current living situation. Ask yourself how much your income is. How do you spend it? Do you have a budget? Are you able to save?

Karolina/Pexels | Once you can answer these questions, you will be able to understand where you can make the required changes

When it comes to a family, they can easily pick out things that cost them more. It comes naturally with having more family members in the house. However, what about single people? Do they have to worry about it? The answer is yes, and if you are wondering why, then you should keep on reading because we’ve listed a few of the reasons down below.

1. Your Expenses Are Not Being Shared

While having the home all to yourself and having the freedom to live however you want to is a great benefit, this privacy and freedom come at a cost. Since you are unable to split the rent and utilities between a housemate, you end up paying for everything yourself, which means that living in a home by yourself is costing you more. If you think you are unable to manage your expenses, you can always look for shared living spaces. 

Pixabay/Pexels | Save money while also enjoying some company

2. No Financial Safety

If you are living by yourself, you are paying all your bills solely via your income sources. However, if you lose your job, all your bills will quickly pile up, and you’ll be unable to manage them. Having a family member, friend, or partner living with you can help you out during an uncertain time when you are counting on them while you try to get back on your feet.

3. Unable to save for the future

According to the Employee Benefit Research Institution, single people usually run out of their retirement savings compared to married couples. Single people don’t have the benefit of saving as much as they can since they have to pay all their bills alone at the end of the day, while a married couple can easily split their bills while saving more than enough for their retirement. This does not mean that you should start considering marriage, but it goes to show that sometimes living by yourself can end up costing more, contrary to popular opinion.

Karolina/Pexels | Maybe it’s time to start thinking about settling down

So, with these points in mind, which lifestyle do you think costs more: family-oriented or single?