Money and Relationships: Is it cheaper to be single or in a relationship?

With Valentine’s Day around the corner, love (and spending) is in the air!

For couples, this time of year often brings extra costs - dates, gifts, romantic getaways - but does being in a relationship always mean spending more money? And for those who are single, are you really saving money, or just spending it differently?

Let’s break down the costs and the savings of both...

The Cost of Being in a Relationship

Being in a relationship can be financially beneficial in some ways but costly in others. Here are some of the pros and cons:

Pros

• Reduced living expenses: Many couples save money by splitting expenses. Living together means shared bills, mortgage/rent payments, holidays, etc, making expenses more affordable than if you were living alone.

• Financial security: Although we should all build an emergency fund, there's greater security when you have a second income to support you. Having a partner that can support you if needed will help reduce stress if you need some extra financial security.

Cons

• Goal setting: People have different goals and expectations, especially when it comes to money. There's the potential that partners may not be aligned on financial goals which can cause divides on spending and saving.

• Increased spending: From date nights to weekend trips, couples often spend more on entertainment and activities. Anniversaries, birthdays, Christmas, and, of course, Valentine’s Day all come with the expectation of gifts, experiences, or meals out. These additional costs add up quickly.

The Financial Perks of Being Single

If you’re single this Valentine’s Day, you might feel left out of the romance - but your wallet is probably breathing a sigh of relief. Here’s how you might be saving money:

Pros

• Financial control: Your money is yours to spend how you like. There's no need to budget for birthday presents, date nights, or romantic holidays. Singles can make financial decisions without needing to compromise. Want to splurge on a trip or invest in yourself? No discussions needed!

• Personal goals: Whether it's saving for a house, building an emergency fund, or traveling, single life allows for undivided focus on your personal financial goals.

Cons

• Higher living costs: Without a partner the financial responsibility for bills and expenses falls on you solely. Your living costs are higher as you're not splitting the cost.

• Less security: Even if you have a strong emergency fund it can be stressful when expensive emergencies happen. It's helpful to have someone else to lean on, or split the cost with, if you need support.

So, Which Is Cheaper?

Ultimately, whether it’s cheaper to be in a relationship or single depends on lifestyle choices and financial habits. Couples can benefit from shared expenses but may also spend more on activities and experiences. Singles, on the other hand, have complete financial independence but might miss out on cost-saving opportunities like splitting bills.

If you’re single this Valentine’s Day, consider the money you’re saving and treat yourself - whether that’s a solo spa day, a nice meal, or adding to your savings. Financial freedom has its own rewards!