Being single is more expensive than being in a couple

There is no denying that being single has many benefits. You have complete control over your life without having to compromise with anyone.

However, that's also when you have to spend on everything without anyone to share the financial obligations with.

Here are five ways single life can be more expensive, according to CNN.

Pay all living expenses alone

Single people pay for all their living expenses, from rent, electricity, water, furniture, appliances to food and repairs. Without someone to share with, you will definitely spend more.

Meanwhile, cohabiting couples can often share all of the above money items.

Lack of financial support

Being single and unemployed at the same time is considered a very bad "combo" for a person. At this time, you will not have anyone to support you, to be your financial support to find a new job or prepare for your own business plan.

Similarly, if you are single and unfortunately have health problems and cannot continue working, your daily life will become much more difficult because you cannot rely on anyone.

That's why financial planners often advise singles to save enough emergency funds to live for 6-12 months without working.

This money can be used in case of job loss, accident or unexpected incident, becoming an alternative source of finance for a period of time.

Spend more money on travel experiences

When traveling alone, it will cost you more than traveling in a pair or group.

"People often think it's unfair that they have to spend more money when they're traveling alone," Yves Marceau, vice president of travel company G Adventures, told CNN.

Specifically, many accommodations often charge room rates for 2 people. In addition, many other travel services do not charge per person but charge by package. If you travel in large groups, the average cost will definitely be cheaper.

To save money, you can try renting a dorm room or sharing a room with someone of the same sex. Hotels have single rooms, but they will cost more.

In a marital relationship, individuals enjoy more welfare values ​​than when living alone. Illustration: Miriam Alonso/Pexels

Social Security benefits are less valuable

Suppose you never get married and have children. When you retire, if you qualify, you will receive Social Security benefits based on your lifetime earnings. When you die, those benefits will stop.

However, for those who are married or have been married in the US (and then divorced after at least 10 years of marriage), their spouses, and even their children, will also receive a portion of this social security benefit, whether they are still alive or deceased.

More likely to run out of money in retirement

According to the American Employee Benefit Research Institute, when they retire, the savings of single women (including widows and divorcees) tend to be three times smaller than those of married women.

This means they will have to spend more to cover basic expenses such as housing, food, transportation, clothing and health care.

There are many reasons for this shortfall, including low overall professional incomes, said Craig Copeland, director of wealth research at EBRI. But importantly, single people who have never been married are not as likely to save as a married couple.

“A single person can only save a certain amount, while a couple can save more,” he said.

According to Zing