The Hidden Cost of Being Single

By: Anneken Tappe · November 01, 2023 · Reading Time: 2 minutes

Not Splitting Expenses

As the cost of living in the U.S. continues to rise, couples have a financial advantage over people who are single.

While single, you only have to spend on yourself, as opposed to the increased expenses that come with a household of two or more. But individual partners in a couple tend to end up with lower monthly expenses than those flying solo.

The Cost of Independence

Certain costs don’t increase in direct correlation to the number of people in a household — and they tend to be the bigger ones.

Here are some examples:

•   Splitting expenses makes large bills, such as rent or mortgage payments, and utilities, more affordable for the individual.

•   Dual income makes it easier to save for large purchases like a car or down payment on a home.

•   Tax benefits afford couples more ways to save money when tax season rolls around.

Flying Solo? Fear Not

If you have yet to find the love of your life — or your partner in finances — don’t worry. You’re certainly not alone. Almost half of U.S. adults, or around 118 million people are single, divorced, or widowed, according to data from the Census Bureau.

But while single people may be forced to foot all their own bills, the single life is not without its financial benefits. Money is cited as a major stressor by the majority of American couples.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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