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Last September (long time ago, I know) I wrote a post about the financial perks of being single. I wasn’t single at the time, but Mike and I had recently combined our finances and it was tough. I missed having my money all to myself. Mike did too.
It’s been nearly a year since that time, and I can now come to the table with plenty of awesome financial perks of shared income. Let’s get started!
1. Your debt is no longer your own.
Not everyone may see it this way, but I believe that once you make the commitment to become one, every aspect of your life is united — burdens and blessings. I listed having your own debt as a financial perk for singles, but if you are someone with thousands of dollars in credit card or student loan debt, it can feel terrifying and overwhelming. With your partner sharing the load, you have support and accountability. Two incomes are better than one if you can make a commitment to pay down your debt as fast as possible.
2. Shared expenses.
It’s the same philosophy of sharing a place with a roommate. Most major expenses are split 50/50, meaning it costs less to rent, pay utilities, have internet, etc. If you’re like me (a loner for life), you know how expensive housing and utilities can be when you’re living alone. When sharing money, living expenses become a lot cheaper.
3. More money all around.
When you have two incomes coming in, there’s just a lot more money to play with. Once you create a budget, you realize you have way more money than you ever dreamed! Whether you’re interested in paying down debt or roadtripping every weekend, more money is available to make those goals attainable. Add in some side-hustling and you two could be rolling in the dough.
4. Tax and Insurance Benefits
For some reasons, being married tends to be better for your taxes. Now I know not all couples sharing finances are married, but if you do choose that route, you’ll probably have better tax benefits and cheaper insurance rates across the board. Supposedly, married couples are happier and live longer, as well as better drivers.
So as you can see, while there are financial benefits to being single, there’s also a lot of perks to marriage and coupledom too. However, there are never benefits if you have no idea what you’re doing with your money and live the spender’s lifestyle. As long as you take care of your money, the benefits are numerous on both sides of the spectrum.
Do you feel like there are more benefits in marriage or singleness? Let me know below! I’d love to start a conversation!