This article explores the financial challenges faced by single individuals, known as the singles tax. It offers practical solutions like smart sharing for expenses, co-buying property, and house-hacking strategies. The article also emphasizes the importance of maximizing pension contributions, investing wisely, and claiming available discounts and subsidies.
Many financial systems are based on people operating their finances as a couple, leaving single people to potentially foot a staggering bill. This is commonly known as the singles tax, but it isn’t unavoidable, as two experts laid out some steps to shield your wallet from the cost of living alone.
Kate Daly, co-founder of Amicable, encouraged people to consider “smart sharing” to help spread the burden of everyday costs. She explained: “Being single doesn’t mean you have to shoulder every expense alone. Trying to get a foothold on the property ladder as a singleton can seem impossible, but Kate recommended a similar “smart sharing” approach. She said: “Co-buying a property with a trusted friend, sibling, or family member can make homeownership more accessible, with joint ownership agreements ensuring both parties are protected.”
Losing a partner’s income can leave some people worrying for their financial future but Ali Poulton, Head Financial Coach at Octopus Money, highlighted the resounding financial freedom it brings to. She shared: “You just need to find ways to make your money work harder for you.
SINGLES TAX SMART SHARING FINANCIAL FREEDOM INVESTING SAVINGS
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