The financial dynamics of an individual differ considerably from those who are in a romantic relationship, be it a marriage, engagement, or courtship, particularly if you cohabit. Though being single is my preference most of the time, occasionally, I find myself envying the monetary benefits associated with a partnership.
However, I promptly remember to confront and appreciate my reality once my momentary wallow subsides. Acceptance in this context signifies acknowledging both the advantages and disadvantages linked to my solitary financial journey. For those curious about the financial impact of singlehood, here are three advantages and disadvantages that I have personally experienced.
FINANCIAL ADVANTAGES OF SINGLEHOOD
1. UNDIVIDED ATTENTION TOWARDS CAREER GROWTH.
A common sentiment among my friends involved in relationships is their yearning for additional time to devote to their profession. The commitment involved in maintaining a relationship takes up a significant portion of their time and effort. When I choose to burn the midnight oil for my business’ growth, there’s no one home to voice any complaints regarding lack of time or affection. This has accelerated my business’s expansion compared to a scenario where partners or family members may vie for my time and attention.
2. LIBERTY TO CHASE PERSONAL FINANCIAL ASPIRATIONS.
One aspect I cherish about my single status is the autonomy it affords in pursuing my aspirations, financial and otherwise. I have the liberty to allocate my time, finances, and energy without the need to reach a middle ground with another person who might have contrasting priorities. Presently, my focus is on gradually eradicating my debt while indulging in travel as a reward for my perseverance. This balance may not be feasible in a relationship where my partner’s inhibitions and expectations may dictate the acceptable rewards for progress.
3. TOTAL FINANCIAL RESPONSIBILITY.
Absolute responsibility can sometimes be empowering. If you’re in debt, it’s solely due to your actions, eliminating any potential conflict or resentment if a partner is disproportionately indebted. As a single person, you bear complete responsibility for your financial rectitude, including settling any missteps.
FINANCIAL DISADVANTAGES OF SINGLEHOOD.
1. TOTAL FINANCIAL RESPONSIBILITY.
This aspect doubles as a financial advantage and disadvantage of being single. When 100% of the financial decision-making lies with you, maintaining corrective discipline and motivation can be challenging during difficult times. Paying off substantial debt or amassing considerable savings can eventually be daunting. Having a partner can indeed buoy your commitment and drive towards your financial goals in these trying instances.
2. LACK OF A CONSTANT SUPPORTER.
While it’s not entirely impossible to have success celebrations as a single person, a partner’s absence can amplify the significance of such celebrations. Friends may commend your achievements, but their understanding of your struggle may not fully match the depth of a life partner’s comprehension, including the turmoil experienced in reaching the finish line.
3. COST OF LIVING MAY TAKE A TOLL ON SINGLES.
In regions where the cost of living is already high, financial strain can hit singles harder if there’s no partner to share the financial burden. Comparatively, those in relationships have the benefit of splitting expenses, which could accelerate their financial progress. A practical solution could be keeping roommates, but it’s not an equivalent substitution for a cohabiting partner.
RECONCILE THE GOOD AND THE BAD
Currently, I relish my single status and am content with its financial implications- both rewarding and challenging. I understand that like singlehood, a relationship too has its unique set of advantages and disadvantages. Whether you’re single or in a relationship, the financial implications are just different shades of green, none necessarily brighter than the other.
How has your relationship status influenced your financial trajectory?
