Happy National Divorce Month!
No, I don't think Congress has gotten around to recognizing it yet, but nevertheless, this is the month when the largest number of people who want to untie the knot decide to do so.
If dumping your spouse is on your list of New Year's resolutions, you may want to reconsider. Divorce is devastating, not just emotionally, but for your economic health as well:
- Two may live as cheaply as one in one household, but not in two!
- Got kids? You'll need extra space for them, even if they're only there part of the time. And the increased transportation costs shuttling them back and forth between parents takes its toll, too.
- Who got the house? The car? The boat? The lawyers, that's who.
Kids living in single-parent households are at least four times more likely to be poor than kids in dual-parent families. (Kids living with their biological parents suffer far fewer emotional problems and generally succeed more in life, too. ) Single-parent households place a large burden on taxpayers, too, which is a bummer since in this country about 40% of babies these days are born out of wedlock.
With all the great things a first and only marriage has to offer, surely our society and government are doing all they can to encourage this ancient human institution, right? Um:
- Most government aid only goes to single-parent households; married couples may not even be able to apply.
- Many low-income couples suffer from a punitive tax structure that makes them pay more than if they stayed single.
- The coming healthcare reform (Obamacare) forces married couples to pay much higher insurance rates than individuals with the same incomes.
- The current federal recommendations to tax individuals making over $200K or "families" making $250K is another example of marriage penalization.
Small wonder marriage rates in this country have been dropping fast.
But marriage really is the best frugal choice of a lifestyle. Lifelong commitment is just the thing for being able to make long-term economic goals. In fact, the vast majority of self-made millionaires are married, once, and stay that way.
But those millionaire families don't usually achieve independent wealth from two high incomes and no alimony payments. In fact, most of the time, only one spouse is bringing home the bulk of the bacon. So, how did they get rich with the other spouse freeloading like that? Simple. Committed couples work as a well-oiled economic machine. One earns. The other spends frugally and saves, saves, saves. Neither will be nearly as successful without the other.
Marriage is a beautiful, frugal thing.
---------------------------
Elise Cooke just celebrated twenty-three years of wedded bliss and was encouraged to write her books on frugal living by her husband. Subscribe to her newsletter at SimpletonSolutions.com.
Comments