Better career opportunities and a bigger network are just some of the overlooked financial benefits of being single.
Single on Valentine’s day? Good, celebrate it.
While we don’t begrudge getting married or being in a relationship, there are plenty of overlooked advantages to being single, especially with regard to your wallet. Here are some of the things you should realise.
Being Single Means Having More Time to Seek Opportunities
The biggest advantage of being single is having more time to yourself. This doesn’t just mean more time to play video games – it also means you can dedicate more time to finding opportunities.
You have the leeway to dedicate weekends to self-improvement, seeking new certifications or skills to upgrade. You can use time after work to find a side-income, and give your bank account a boost. You can even just work longer hours, in the interest of seeking a promotion or raise.
You’ve heard of the term work-life balance? Well, there’s also work-relationship balance. Having a romantic partner means making time for them, and that means giving up certain opportunities.
You Can Stay Home More Often
You can’t have a relationship where you just go to each other’s homes, and watch Netflix. That’s only interesting for a while. You also need to go out on dates, go on vacations, celebrate Valentine’s day, and all that other stuff. All of that, of course, costs money.
On the other hand, being single means you can stay home all week if you want. Cloister yourself for a month and not go out, and you’ll be amazed how much fatter your bank account gets.
No More Obligatory Gifts and Services
When you’re in a relationship, gifts and services are part of the equation. Things like paying for a more expensive birthday gift, or driving your partner home from work. It all adds up.
When you’re single though, it’s easier to budget (or just spend your money on yourself).
You Handle Your Own Debt
We’d like to think couples keep their debt separate, but let’s be frank: when your significant other is neck deep in debt, your relationship will be affected. For example, if they are on a tight budget from a credit card disaster, you both won’t be going out and having fun too often.
Beyond this though, there’s a good chance their debt will somehow become your problem as well. Most people end up trying to help pay off their partner’s debt; and in cases where you two have a joint account of sorts (or a shared credit card), a partner can land you in debt.
Your Network of Friends and Acquaintances Grows Stronger
We only have so many hours a day, and so much energy to divide between people. Singles tends to form stronger relationships with friends and families, as there is no partner to divert those affections (if you don’t believe us, watch a new couple: they will have less time for anyone but each other, for several months at least).
With stronger ties to friends and acquaintances, you will find opportunities grow. They will help to hook you up with side jobs, recommend you to others, or even engage your services in their own business.
You Can Make Big Changes That You Couldn’t With a Partner
What happens if you get offered a higher paying job, but it’s in another country? Or what if the new position requires you to work weekends? If you have a partner, distance and lack of time can destroy a relationship. This might prevent you from taking up the job, and getting a bigger paycheck.
If you are single, the world is your oyster. You can go ahead and make big lifestyle or career shifts, without concern about how it affects a partner.
Make your dollar stretch further when you pay for your purchases with a credit card like the Standard Chartered Unlimited Credit Card. Use SingSaver.com.sg to compare credit cards in Singapore and find one that’s right for you.
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By Ryan Ong
Ryan has been writing about finance for the last 10 years. He also has his fingers in a lot of other pies, having written for publications such as Men’s Health, Her World, Esquire, and Yahoo! Finance.