Money Issues for Singles

Alexandra Heep By Alexandra Heep, 29th Aug 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/rtxpk.ph/
Posted in Wikinut>Money>Economics

If you think being married with two incomes and not being able to make ends meet, think of the financial issues singles have to deal with.

Money Issues

Of course the major money issue for singles is that they have only one income. Rent or mortgage and utility bills cannot be shared, yet a lot of times they are almost as high for a single person as they would be for a couple. A basic single family home costs just as much as it would be for the couple to obtain. A one-bedroom apartment is usually just slightly less than a two-bedroom one.

In a financial emergency a single person has only their income to rely on. In case of illness there is no safety net, no partner to take care of them financially or otherwise. The same goes if they should lose their job. Unless they find a new job almost immediately, have savings built up, or family to fall back on; this can spell trouble very quickly.

It is much more difficult for a single person to make credit purchases such as a car or even furniture. Even if their credit history and score are good, their debt to income ratio will be higher. If their credit is not good, there is no partner to co-sign for them.

Even with these money issues, there are many working singles out there making a living. How do they do it?

The good news is that a single person is in charge of all the financial decisions, since they act as head of household. There is no partner to consult with. It is much easier to control your own spending than set a budget with a partner and to try to make the other person stick to it.

This is especially difficult if that partner has different spending habits and less control of themselves. In addition, there is no one there to tell the single person how their money should be spent; and there is no partner to pressure them into a purchase they don't really want.

This financial freedom, if used wisely, can turn the above mentioned money issues into a positve factor for single people.

Tags

Budget, Finance, Finance Problems, Finances, Money, Money Issues, Money Problems, Money Saving, Single Life, Singles

Meet the author

author avatar Alexandra Heep
I am a freelancer and I can write about any subject. I have a professional background in administration, real estate, marketing, and mortgage post-closing. Other areas of expertise include health and beauty as well as spirituality and self help iss...(more)

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Comments

author avatar Retired
30th Aug 2010 (#)

bravo, it is realistic but with hope, keep these coming.

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author avatar Euphonos
1st Sep 2010 (#)

yeah, I do agree with Rebecca. Thanks for sharing this informative facts

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author avatar constance
14th May 2012 (#)

great article, but I'm getting rid of my boyriend we been together 11/2 and he hasn't worked at all. Now it's not fair for one person to do everything, it's a big burden. I'll do better by myself and I always have. Great article, stay encouraged!

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