Are you paying the price for a single life?

Single-person households are on the increase, according to government statistics. And the cost of living alone? A shocking £250,000 over a lifetime. Fight back by coupling up. Make love, save money.

By Naphtalia Loderick

I’ve recently become a proper grown-up and made the move from a houseshare to living alone. And my, there isn’t much money left at the end of the month anymore. Instead of expenses being shared between three, it’s now just me. And while I consume less gas and electricity, unfortunately other bills don’t fall just because I’m on my own.

Water remains the same. And there’s no switching supplier so you’re pretty much stuck with the cost which is a hefty £465 a year for me. It grates on me to know I’m paying as much as the family of five next door.

My only option is to get a water meter and be billed for my actual usage. Industry wisdom says water meters are generally beneficial if you have more bedrooms than people. But I’m one person in a one-bedroom property. Despite this, my water supplier says costs will fall with a meter so I’m going to take their advice and get one fitted. I’ll let you know if it pays off.

Council tax is another area that gets my goat. A single person gets a 25 per cent discount on the full cost. Now, I may have only got a C in GCSE maths but surely one person should be half the cost or less.

Faced with the increased costs that come with living alone, the only answer is to save more money or make more money. And, following a conversation with my friend the other week, she told me the easiest way to make more money – move in with your partner!

Now, I had been wondering how she was affording recent extravagances. I mean, this friend is possibly the most frugal person I know. So imagine my surprise when she told me she’d planned three or four holidays this year. And on a recent weekend away she hired a car to get to her destination instead of taking public transport.

But it was when she travelled to her hometown by train instead of the Megabus that I knew something was up. I asked if she’d won the lottery. "No," she said. "I simply moved in with my boyfriend," she laughed. "It’s like having a second income stream."

Sounds calculating, I know, but they moved in for love I assure you. Still, she has a point: living with a partner is cheaper. Hey, it can even cut the cost of heating – snuggle up with your other half at night and you'll keep you warm and in credit during the cold winter months.

Indeed, recent research by uSwitch found that the annual cost of being single was £4,794, which between the ages of 22 to 75 adds up to an astonishing £254,082.

Having to carry the full burden of rent or mortgage payments, holiday costs, insurance premiums and utility bills as a single person all adds up.

Even going on holiday costs more, due to single supplements. Food costs more too – want those two for one deals? Better make sure you eat it before it goes off or that’s a wasted saving.

And more of us are living alone. Statistics from the Department for Communities and Local Government estimate that by 2031 18 per cent of the total population of England will live alone.

So all you singletons out there, or you couples living apart, you can follow all the advice that we journalists publish on how to be good with your finances – or simply find a partner and move them in. You’ll cut your costs in an instant.

Comments

[jef green]

But what's the long term cost of having a girlfriend? I would wager it's significantly more than £250,000 over a 50 year period! :)

[Bryan G]

Ah, but some of us either cannot find even a vaguely-suitable partner, or we prefer not having our personal space compromised by another. Let's hear it for single people - not everyone wants to pair up!

[Linda]

After dating a few people since my divorce a while back, I totally agree about the difficulties in finding a suitable partner, let alone someone I want to share my home with.

Money isnt the most important thing in life even though lots of people seem to believe that is true. At the end of the day, with some of us, being single equates to a much healthier and contented peace of mind, which more than compensates for lack of money in my books !

[Helen B]

I have lived with 2 people at different times of course!! Had a child by each. Now neither of those two men contributed to my home their attitude was if I wasn't here you would have to pay so would should I pay. In respect of their children because I work I have the means to pay for them. The fact that I am English and they were both Turkish probably has something to do with it!!! But definitely me and my kids financially are on the scrap heap but we have plenty of love and fun which is free. Would I move another man in? Doubt it I've made 2 mistakes how could I guarantee a 3rd man who isn't related to them would treat them any better.

[andy]

I live in my own home, do what I want when I want, go anywhere anytime I want. I eat healthily, I keep fit, I have total peace of mind. If that cost me £20,000 a year I still wouldn't give it up

[Natasha]

As a woman who has planned very carefully financially but had a catastrophic couple of relationships I would err on the side of caution! Ending up as a single parent due to abuse issues, I am now with a lovely man. A lovely mortgaged up one, that is! My fiance has three children he pays the mortgage for; they are working but unable to afford to move out of his family home. He bought his ex wife out, so has a massive mortgage. His house is the kids' inheritance and I endorse that. I view my home in the same way. He lives with me, I pay my mortgage and we share bills. We plan a small wedding as the money is simply not there. I do however feel we are planning for the future of our children as priority, and the idea of them renting individually is laughable where we are in Cornwall. I am advising my children to stay at home for as long as possible as going it alone is such a luxury.