THE single life is supposed to be stress-free, without the need to splash out over Christmas or Valentine’s Day.
But it seems you can put a price on freedom – as uncoupled Brits are forced to fork out their wages on bills and expenses.
Single Brits pay the price for freedom and fork out hundreds more than couples
Without an other half to split the cost with, singles face doling out the majority of their income just to live each month.
It means bachelors and bachelorettes also find it harder to save up, as they only have a little cash left over.
Research by Hargreaves Lansdown claims that lone wolves stump up an extra £860 a month compared to couples living in the same sized property.
Those flying solo are even penalised by prices in supermarkets and restaurants – as food is often aimed at a minimum of two diners.
Singles are squandering around £1,851 to keep their household running each month – while couples only spend £991.
But thankfully, there are some handy hacks to learn how to save instead of scrimp while you are on the dating scene.
According to The Money Edit, if you’re a party of one, you can reduce your expenditure by taking heed of these simple tips.
To avoid paying the price for your love life, first take an audit of all your monthly outgoings – and what you can afford to lose.
This could be as simple as switching your broadband deal to a cheaper alternative, as you will need less bandwidth without a beau draining it too.
Singles can also save cash by applying for a council tax reduction under the ‘single person discount’.
If there is only one adult living in your home, you could get a sturdy 25 per cent off your bill – while those supporting students or someone severely mentally impaired can get a 100 per cent discount.
Those who like being alone may be missing a significant other to cuddle up to during the winter as energy bills soar.
But thankfully, you don’t need a spouse to slash your expenses – just a bit of good old DIY.
Try out some insulation and draught excluders to keep the heat in and money in your pocket.
You can also apply for government grants under the Energy Company Obligation (ECO) scheme or the ECO Plus scheme, which include loft and cavity wall insulation.
Other tips to banish the winter chill and big bills include putting cling film on your windows, only heating specific rooms, and using energy at off-peak hours.
Singles may also struggle to afford streaming subscriptions as well as costs for their TV Licence.
Take inventory of your sign-ups and make the cut-throat decision of dropping some – or just find the best deal.
Some phone providers such as 02 offer various perks to customers, such as 6 months of free Disney Plus.
If you are a streaming fanatic, you may want to consider if you need to continue forking out for a TV Licence.
You only need one if you’re watching shows being broadcast live on services such as BBC iPlayer, ITV Hub, All 4, YouTube, Amazon Prime Video, Now TV, Sky Go, and more.
But you don’t need a licence if you only use these services to stream shows on demand or through catch up.
If you’re a lone wolf, you may have noticed the food shop is getting considerably more expensive, even without buying for two.
Smaller ready meals and meat for one often cost more than multipacks – but you can still save some money on your shop.
Make it your mission to hunt down the best deals on the aisles and shop in the evenings to get your hands on reductions.
Take advantage of loyalty schemes and relish in the fact you can buy your favourite snacks, that will probably fit in a basket.
Brits can also buy larger packets of grub and freeze what they don’t use to make their food go further.
Shopping at different stores and tucking into their budget ranges will also see your bills dwindle.
It turns out you don’t need a partner to help bolster your bank balance and a weighted blanket does just as well as a cuddle buddy.
Sarah Coles, Senior Personal Finance Analyst at Hargreaves Lansdown said: “You can put a price on freedom: being young, free and single costs £860 more a month, and two-thirds of your financial resilience.
“Single people have less in savings, and less cash left over at the end of the month.
“They pay the price over the long term too, because they’re less likely to be building equity in a property or saving enough to be on track for a moderate retirement income.”
Reduce your unnecessary expenditure and do some DIY to slash your bills
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