Hey y’all, hey! 😀Let’s play a game and see if you can guess one of my favorite 90s sitcoms. Hold on, let me clear my throat to sing the theme song; *clears throat*:
“We are living (Ooh)
Single (Hey)
Ooh, and in a ’90s kind of world
I’m glad I got my girls”
Ok, I hope you guessed “Living Single” because I got to the rap part of the song! If you’ve read some of my articles here, you’ll know I am usually content and cozy in my single, bachelorette life, but can I be real for a minute? Sometimes when my money is acting funny, I can’t help but think, “Shoot, I should have been more intentional with dating in my 20s”, as life can be pretty expensive as a single person.
I posted this YouTube video from CNBC about single life expenses in the CGS Facebook Group, which sparked a great discussion with us single gals about the “singles tax”. I would say that the video and the discourse on that post in the group are serving as inspiration for this article, as I wanted to put my spin on the topic.
So, since I have YEARS of experience being a single goddess (🥲), let’s dive deeper into the not-so-obvious expenses of living that single life. While being single is all about independence and self-love, some sneaky costs can catch us off guard and throw our budgets and plans all off.
Now, I do want to preface this article by saying that yes, being single and living alone can be hard in ways, BUT I know how much of a privilege it is and I am so grateful that I have been able to support myself (for the most part at least lol)! In addition, I know there are costs to being married and more costs to having children. I’m just writing this article from my own single perspective. 😉
1.) That Rent/Mortgage Though (and Everything in It)…All On Us!
Okay, let’s keep it real. Splitting rent with a partner means your bank account gets to breathe a little. Living alone? That rent check hits differently. While I love living alone in my goddess pad, the fact that I’m shouldering all the rent by myself means less cash for future savings goals or that spontaneous weekend trip.
We didn’t get to the utilities, you’re the sole user of your utilities – electricity, water, internet, all of it. No splitting that Wi-Fi bill or sharing the cost of heating during those chilly nights. Every drop of water and every watt of electricity? That’s all on you.
Should I even bring up going grocery shopping? I won’t spend a lot of time here, as we all know inflation has made trips to the grocery store very daunting, but yeah…I do notice that I let food go to waste more because there is no one else to share that food with. On the other hand, I know grocery shopping for a family of more than 2 can be even more expensive.
2.) The Single Supplement – Travel Woes
Now this is something I learned from another single goddess friend who solo travels a lot, but who knew that traveling alone could be pricier? She let me know that many travel deals are based on double occupancy.
That dreamy Caribbean cruise you’ve been eyeing…It might slap you with a “single supplement travel” fee because living your best solo life costs extra. 🙄 Wow, I didn’t know this, but I was going to add that I thought traveling could be cheaper as a solo person…hmm, perspective I suppose!
3.) Gift-Giving
Being single often means your social circle is wide. Weddings, baby showers, housewarming parties – girl, your friends are living their best lives out here, and your gift budget is stretched thin. And when it’s your turn? Let’s just say there’s no “partner in crime” to help shoulder that birthday bash bill.
Honey, I remember there was a 12-month period where not only was I a bridesmaid in 2 weddings, but everyone also wanted to get pregnant and buy a house…then I went to Asia! I didn’t know how to spell “budget” at the time, so my poor credit cards picked up the slack!
4.) Entertainment and Socializing
Going out is fun, but as a single lady, you might find yourself footing the bill more often than your coupled-up friends. Whether it’s that last-minute concert ticket or a spontaneous brunch, it can all add up when there’s no one to split it with. Silver lining? You get to do what you want, when you want!
5.) Higher Taxes
It’s no secret that single people often pay higher taxes. Without the benefit of filing jointly or claiming dependents, you might find yourself in a higher tax bracket or missing out on certain deductions. The “marriage tax bonus” means that married couples pay less in income taxes overall when they file jointly than they would have as individuals. Ok, let me start dating again to get a hubby lol!
I have to throw in here, every tax season, I’m reminded of the scene from Titanic (which is now a popular meme for single people around tax time) where Caledon (Billy Zane) finds an abandoned child to get on a boat for women and children, “I Have a Child!” Haha, me every year, I swear lol! Again, I’m writing this article from my single perspective!
6.) Healthcare – No Sharing Here
When you’re coupled up, you might get to piggyback on your partner’s health insurance plan. Flying solo means it’s all on you to find the best (and most affordable) coverage. And we all know healthcare ain’t cheap in these streets.
When you’re single, your only options are your employer-sponsored plan (if you’re gainfully employed at that), go with private insurance, or just rely on your Higher Power or luck and go without it. When I was doing my research on this topic (and even what I’m going through right now), healthcare is a huge factor in why some single people steer clear from self-employment or leave toxic jobs for fear of not having access to healthcare.
7.) Emergency Fund
When you’re single, having a robust emergency fund is crucial. There’s no second income to fall back on in case of job loss or unexpected expenses, so building and maintaining that safety net is all on you.
This is something I have been going through. I’ve been in several periods of unemployment, and while this past season I learned the art of “No-Spend” seasons to save a lot of money in a short amount of time (that’s another article coming from me 😉), I can see how having another household income can be helpful.
Now, I am not saying that single women should date/marry solely for monetary reasons (we as women should have our own money regardless), but I’m human, and I can logically see how having a partner can relieve some of that financial stress…then again, that’s only if BOTH parties have an emergency fund and have a handle of their financial management.
So yes, being single comes with its own set of financial challenges, but don’t let that dim your shine. Awareness is key, and now that you know the hidden costs, you can budget like the single, yet money-savvy goddess you are. Life is all about balance, and whether you’re single or coupled up, the most important thing is living your best life, with no regrets.
I hope you all enjoyed this article! I don’t know about you, but I’m savoring this time in my life. Yes, I’m human and I have a desire to go on dates and have companionship, and I know I’ll get that season soon, but I am also grateful that I can relish in my singledom with many memories!
Related: 5 Ways to Love Yourself More While Single
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