Wednesday, November 25, 2015

Money Crashers: Financial Benefits of Marriage vs. Being Single

Back in 2011, I made two posts here exploring the idea of how marriage affects your finances. In the first, I questioned the idea that it's easier for young, single people to save than it is for couples with kids. Drawing on data from the Bureau of Labor Statistics, I showed that while most people under 25 (who tend to be childless) have lower expenditures, they also have lower incomes, and consequently lower savings, than householders with kids.

In the second post, I discussed a study I'd seen that found couples in lasting marriages tend to accumulate wealth faster than single people. I then explored the reasons why it might be easier for couples to save, many of which have to do with the fact that they typically share one household rather than maintaining two, and speculated that two single people sharing a home might have the best of both worlds

This two articles together became the inspiration for my latest Money Crashers post, which explores the financial pros and cons of being married as opposed to being single. First, I take a detailed look at the costs and benefits of marriage—from wedding expenses to taxes and benefits to the risk of divorce. Then, I consider how having children changes the picture for both single and married people, and how the benefits of sharing a home apply to both. I wrap the whole thing up with some savings tips for both groups, including the importance of communicating with your partner about money for married couples and some frugal dating tips for singles. Here's the full article: Financial Benefits of Marriage vs. Being Single – What’s Better?
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