With prices of fuel, food and energy soaring with inflation in recent times, the cost of living has increased for many of us.
It can be rather the struggle to try and balance the bills even on two salaries, but new statistics have shown that it could be singletons that are finding it more difficult to get affordable deals on services such as loans and insurance.
Being single in itself can be a lousy experience anyway, but with an economic climate that is uncertain at the moment, many singletons could find themselves in more difficulties than couples because of rising prices.
With many supermarkets now focusing on 'family-size' packs of food and other products in order to encourage us to budget wisely, it can be too much for just one person (unless you tend to freeze the leftovers for later)
Statistics have shown that by 2020, around 40% of UK households will be populated by singletons. Research has also shown that living the single life can be as expensive as if you have a partner.
When it comes to aspects such as working hours, personal loans and even credit cards, singletons can be susceptible to discrimination when it comes to finding deals on financial products.
It's not just financial services that can prove to be more expensive if you're single; research has shown that singletons will spend more on a night out than a couple - from getting ready, taxis and food and drink - with some admitting to spending around a fifth of their annual salary on nights on the town.
It can be tough having to finance so much on your own, but there are things you can do to try and help reduce the costs:
- If you're looking to go on holiday, look for groups which offer rates for lone travellers. There are groups out there who cater for singletons going on holiday, and you never know, you may end up meeting a future partner during one of these trips.
- Don't be tempted by BOGOF deals at supermarkets, try splitting the cost with a friend or host a dinner party so as not to waste food.
- If you do end up getting married, it's essential that you inform your loans provider and your insurance company of your change in circumstances - you may indeed get a small discount if you add a partner to your policy.
- Try to reduce your outgoings when it comes to nights out, try and organise house parties with groups of friends and ensure everybody chips in with regards to food and drink.
