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Not only is marriage a legal binding of the souls, but of the assets. The question then becomes if the marriage is worth the price.
Marriage vs. The Single Life
by Carl Hampton 12/21/2006

Of course the cost of being married differs from the cost of being single. As with anything, there are advantages, and disadvantages. Although married life sounds stable, there are more benefits to being single, in the short and long term picture.

If you calculate married life down to a month-to-month basis, which is what most couples do, then you would see that married life doesn't cut it. After the honeymoon phase, couples tend to invest in more mature assets like a more luxurious vehicle, a home, and insurance. But here are some initial benefits of marriage:

A married couple pays substantially less when dealing with the cost of living compared to a single person. A single person pays 23% of their monthly income for rent, whereas a couple will only have to outlay 9.3%. For food, the couple will pay 5.6% versus the 8.3% expenditure of the single person. For auto insurance, married couples are placed as a lower risk so they save money on that too. The list goes on and on. Married couples benefit from both federal and Social Security taxes when it comes to the cost of living. When joint-filing taxes are completed, there is a lower tax rate so that they only pay out 29% of their income whereas a single person pays out 35%. Those that are married are also less likely to spend on things they did when they were single, like gym memberships or clothes.

But there are some hefty costs that come with marriage. Retirement becomes more of a reality when couples get married. On a monthly basis, a good percentage of their income is dedicated to retirement. Whereas a single person does not start saving for retirement until their 40's. Married couples tend to purchase a house or a condo within a few years of their marriage. Married couples account for 77% of all homeowners. The purchase of property is a good investment because the couple can build up equity. However, such a significant purchase brings on bigger expenses like maintenance of the property and homeowners insurance.

As outlandish as this sounds, single people can readily afford to purchase a home. Although the down payment is the most difficult thing to acquire, singles benefit from tax codes. The annual standard deduction is higher for the single person than that of a married couple (if you divide the annual deduction of the married couple in half). It has been shown that singles that put effort into financially prudent ventures end up better off than their married friends. Married couples use up every penny of their monthly income on living expenses whereas singles can save up to 5% of their monthly income. When a child enters the picture, those that are married begin to see some financial trouble. The total cost of one child per month equals out to $4,000 a month. And if private school is the choice of education, then bills double.


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“Your” Money Matters By Carl Hampton
From the Author of “From Credit Despair To Credit Millionaire



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Top 75 Cities Ranked By Population In The U.S.A.