I used to believe I couldn’t buy a house without a husband but now I firmly believe that being single has so many benefits for your finances. The sooner I started backing myself the more intentional I have become with my finances and the closer I am getting to my goal of the illusive $60,000 deposit by Christmas 2018. This week’s post aims to inspire other single Aussie millennials with my top three reasons of how being single is beneficial for budgeting and reaching your financial dreams!
Being single means there are no compromises – it’s all your way
Being single means you can put your money in whatever categories or buckets that you like without having to answer to anyone. Dave Ramsey talks about his regular budget meetings with his wife on his show and recommends in his writing that couples schedule in regular budget meetings. The Barefoot Investor, Scott Pape, speaks about Budget Date nights to discuss financial issues. The idea that goes around about a wife buying a consumer item and telling her partner that she has had it for months is beyond me, I like to feel empowered with my consumer purchases.
For me being single means total freedom for focusing a large amount of my spending around my love of travel and adventure and spending time with my family.
Every year I budget in to fly home to New Zealand a few times throughout the year and at Christmas to spend time with my family, I’m not sure that if I had a partner how happy they would be of me cutting back other parts of my life in order to allocate the funds I do to go to New Zealand.
I’m not sure how a partner would feel about allocating large amounts of funds for other trips either. In 2016 when my friend asked me to be her bridesmaid over in Scotland there was no one to have to ask, my answer was quite simply, yes!. In 2012 when I decided to quit my job and backpack for six months I did not have to consult anyone nor do I have to think about another person when I see an amazing flight deal to New Zealand and quite simply have to book it. The freedom to pursue the international travel I do might not be something I did as much if I was in a relationship with a partner with different goals and values to me related to travel.
But it is not just travel where being single impacts positively on your finances and allowing you to pursue your own projects. My large decision last year to sell all of my furniture, belongings and everything I owned except for my clothes and bikes, to board in my friend’s house that she owned to make my dream of purchasing my own place possible did not have to be run past another person. Granted this decision took a lot of thought, investigation and soul searching.
In the words of Stevie Nicks, with being single and finance this means “you can go your own way.”
Being single means you can hustle
Another benefit of being single for your finances is that you can work more hours, start a side hustle or put more time into work or your career if you wish to super charge your dreams.
For one of my friends while saving for her house this meant a few years of working at a supermarket stocking shelves thirty hours a week alongside her 9-5pm 36 hour a week office job. She has since purchased a large house.
For another one of my fellow personal finance bloggers, Tasha, this has also meant picking up another side job alongside work to pay off her debt.
Single Australian Finance author, Canna Campbell, has written about her own side hussle project the $1000 project where she worked on different strategies to save and invest parcels of $1000 at a time.
Being single means your liabilities are your own
Being single means that your liabilities are your own. You have no one else to blame for your debts and actions apart from yourself and you can decide to work through to address these.
I often listen to debt free screams on the Dave Ramsey show with couples where one partner comes into the relationship debt free and the other partner is suddenly burdened with a huge financial debt because when you marry someone you also marry their debt and liabilities.
Here is where I am now grateful to be on my own without any debt of my own, or anybody else’s, to soley focus on my goal of saving my house deposit.
Being single is something to celebrate when it comes to finances as it gives you the freedom to make your own financial goals and decisions, you can start a side hussle or increase your income and all of your liabilities are your own.
How does your relationship status impact on your finances?
The Economiss is a single, female, millennial on a mission to buy her first home in Australia. A Kiwi by birth, she jumped over the ditch after she finished her tertiary qualifications in search of employment. The narratives quite often showing up online overshadowed her thoughts of buying a house alone changed in 2017 when The Economiss started super charging her finances and saved over 30% of her after tax income towards her house deposit as well as cash flowing four overseas trips. In 2018 The Economiss decided to create a new narrative and share her journey saving 36% of her after tax income for a $60,000 house deposit by December 2018. Do you have some tips to share or want to be featured on the blog, please get in touch!