The Financial Benefits of Being Single in Singapore

Over the last few decades, there has been an overgrowing trend of young people in their early, mid,and late 20s remaining single, with many of them putting their career at the forefront. According to The Straits Times, the single Singapore residents between 25-29 now make up 70% which experts say affects the rate of fertility. The high financial costs of starting and raising a family are very relevant especially in Singapore where the challenging economy and the cost of living are increasing daily.

The reason young people are remaining single is that they’re better educated, independent, the presence of more critical individual decision making and the main being the aspect of focusing on career. While most sociologists look at the effects and disadvantages of singlehood, business experts have come out strongly to provide the financial benefits of remaining single with regard to your wallet. Here are some of the benefits you probably didn’t know.

No expensive gifts or miscellaneous services

Being in a relationship can be quite costly and irrespective of whether you’re in a relationship or marriage, gifts and services are part of the equation. Expensive birthday, anniversary, valentines, or any other seasonal gifts are obligatory which may quickly drain your pockets. Driving your partner home from work, taking them for shopping, gym, or vocational dates all command for money.

In case you have been in a relationship and want to get married, you may have to spend almost every penny you have been working to save all this long on the wedding preparation, buying a new house, and other marriage starter-pack expenses. In Singapore, a standard wedding can cost you $39,000 on average in accordance with iMoney Singapore. However, if you’re single, you can save a lot from these expenses which substantially improve your financial stability until you’re ready for a relationship again. It’s also easy to budget when you’re alone because you can sacrifice some luxuries in order to save up.

More time for money hunting

One of the biggest advantages of being single is having more time for yourself. This does not necessarily mean time to play video games or sleep—it means you can dedicate most of your time in finding other money-making opportunities. According to National University of Singapore (NUS) sociologist Paulin Straughan, most single young people perform exceptionally in their careers than those who are in relationships. Many reports have been made about love-life and work-life balancing where many couples are unable to balance the two. Constant lateness, incomplete assignments, late submission of projects, absenteeism, frequent leave request are just some of the intolerable traits employers have to deal with from married employees.

When single, you have the leeway to dedicate your free time to self-employment and seeking new skills or certifications to upgrade. You can also utilize this time to find a part-time income generating activity to boost your bank account. You can even go an extra mile working extended hours at your workplace in the interest of earning a promotion or salary raise.

You only have your debt to handle

As much as couples have separate accounts, when one of the partners is unable to pay a loan, it affects both individuals and, as a result, the significant other has to give a helping hand in settling it. This is because the debt affects the relationship. For instance, if they used to go out often, the borrower may not contribute as often or will prefer to stay home until the debt is settled. The partner will contribute in repaying the loan for the sake of their relationship.

Regardless of the amount paid, it is a significant drawback which would have been essential for future financial needs in terms of buying a home, establishing a business, making huge investments and more. However, a single person has independent finances and is in control of his or her financial destiny. They do not have any pre-existing financial requirements such as partners having card debts or child support obligations.

You’re able to cultivate the person you want to be financially, socially, and emotionally

Since most Singaporeans choose to focus on career and remain single until a certain age, many of them appear stable when it comes to their social and financial life. A research done by Prudential Relationship Index showed that people in Singapore are financially more independent compared to other people in Asia. 56% state that they have no financial support from anyone.

When in a relationship, most of your free time is spent on vacations, dates, or on any other couple’s stuff. In this case, your partner plays a significant role in your personal growth and may not influence any considerable amount of growth. Your bank account also gets thinner.

Being single sometimes means keeping to oneself, understanding oneself and promoting personal growth. When you are alone, you can think clearly when making certain decisions and come up with an excellent solution. You re also able to balance your circle of friends and acquittances since most relationships command attention for the partners more than to friends. You will also be able to build and evaluate yourself to become a better person for the sake of your next relationship.

You can make any social or financial decisions in your life that you couldn’t with a partner

What will happen to your relationship if you get deployed to another country? Or your new position requires you to work during weekends? Or you got a scholarship of further studies in another location? If you’re in a relationship particularly marriage, you’ve to make a thoughtful decision with regards to your marriage. Lack of time or long distance are the most significant contributors to relationship breakage. As a result, you may be convinced into abandoning a lifetime opportunity, a life-changing career position and a bigger paycheck.

If you’re single, not even the sky can be your limit. You can make big decisions concerning your life and that of your future without worrying about how it affects a partner.

Here are few interesting articles you may like to read.

Men Make Impulsive Purchases More Than Women: Four Ways to Reduce Wasteful Purchasing

Common Money Vices You Should Avoid

Highest Paying Part Time Jobs In Singapore In 2018

(By Molly Joshi)

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