Over the recent past, many young and middle aged adults in Singapore have opted to remain single. This is because many of them are focusing on enhancing their education and careers. Others find it hard to start families due to the high financial costs of doing so. There are several financial benefits that come with being single. Here are some you would be surprised to know.
No Miscellaneous Spending
It’s a common saying that relationships are expensive. Regardless of how much you spend on your partner, it still affects your finances. Buying expensive gifts for birthdays, Valentine’s Day, Christmas day or any other gifts may drain your finances. Whenever you spend time with your partner or spouse, money is almost always involved. For example, going out on a date and buying yourself expensive clothes costs money. Many of these expenses can be avoided by simply being single.
Focus Your Savings Towards Improving your Life
If you are in a relationship that would lead to marriage, all your lifetime savings could be spent on the wedding. In Singapore, an average wedding could cost you more than $40,000 which can be a strain for most young adults starting their lives. It would be better for you to focus on savings to improve your future financial stability.
Dealing With Your Own Debts
Regardless of how you control your finances, your partner’s debt is your debt. This is because you will have to support your partner’s endeavors as you are obliged to in Singapore. An example is if your partner is working towards acquiring a car, you will either assist in paying a loan for it or will take over some bills to enable them pay up for the car. This will derail your goal achievement as you have to accommodate another person’s agenda. This drawbacks can be avoided by first focusing on your own investments and cultivating you own future financially.
More Time to Expand Your Financial Capabilities
Time is money, and the time spent in a relationship can be used to hunt for money making opportunities in Singapore. According to agents at One visa immigration offices in Singapore, most successful people here are those who decide to remain single. Balancing between family and work can hinder ones progress in their career. This is the main reason many young people opt to focus on their careers first, then, if they are interested, focus on family later.
You Can Work Anywhere in Singapore
Moving to another locality to find a better job or expand your business can be hard with a family. Your spouse will need to find another job and your children will need to change schools. If you are single with no children, you can make those important decisions regarding where you would like to work without worrying about how it would affect your family.