Single? Expert tips on how to save money when you’re flying solo
Navigating the cost-of-living crisis as a single individual can feel like an uphill battle, with the odds seemingly stacked against you.
While the burden of a ‘single tax’ and a challenging housing market often feels insurmountable, practical strategies exist to ease the financial strain.
A crucial first step involves gaining a clear understanding of your personal spending habits.
From managing household bills to socialising and daily cooking, simple adjustments across various aspects of life can significantly reduce outgoings.
By implementing a few smart changes, you can enjoy the independence of single life without compromising your financial well-being.
1. Be open and honest about your financial situation with loved ones
“Be honest with your friends about where your finances are,” advises Zoe Brett, financial planner at EQ Investors. “There’s all this pressure from social media to be going on a ski season or to that trendy new bar, and if you can’t afford it, or if you’ve just got other goals where your money is better spent, just be honest with your friends about it.
“If they’re real friends, they’re not going to care if you can’t go to that fancy restaurant – they’ll find something cheaper to do.”
2. Shop around for the best deals
“Always look for a better deal when bills are coming up for renewal,” recommends Johanna Mason, CEO of Cherry Dating.
“For example, let’s say my car insurance is up for renewal, I won’t sit there and just accept that offer. I’ll go and have a look and see what else is out there to try and reduce the cost. If you go on comparison sites, you can get some massive savings.”
3. Don’t splash the cash on a first date
“For first dates, I always suggest a coffee because that takes the pressure off both parties,” says Mason. “I think it’s a good way to break the ice to start with, without the awkwardness of who’s picking up the bill.”
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A simple picnic can also be a thoughtful, budget-friendly date.
“A picnic is not going to cost a fortune and I think it’s quite a nice romantic gesture,” says Mason. “It’s not always about the money, it’s about the thought that goes into planning that date, because it means they are making an effort. If they’re making the effort there, then hopefully they will make the effort in other areas of a relationship as well.”
Brett agrees and says: “I think we get too caught up in the idea that dates need to be a big show of extravagance to show what you can offer, but actually the purpose of a date is to get to know someone and see whether or not you have a good vibe between you.”
4. Put aside money in an emergency fund
“When you are single, there’s no second income to pick up the slack if you lose your job or if the boiler breaks,” recognises Brett. “It’s all on your shoulders, so it’s important to have a back-up plan like an emergency fund.
“Putting aside money every month into an emergency fund gives you some financial security and I just treat my emergency fund payments like any other bill. Just start small and soon it will add up to something more substantial.”
5. Prioritise getting rid of debt
“A lot of people get into debt when they don’t manage the fact that living a single life is far more expensive than life as a couple,” highlights Brett. “They often try to ‘keep up with the Joneses’ and end up getting into debt, and that’s a surefire way to make yourself absolutely miserable.“If you have got any debt, then prioritise getting rid of that first because debt can cripple someone’s financial position. You shouldn’t really be saving anything beyond an emergency fund if you’ve still got debt to pay.”
6. Seek out free or low-cost activities and events in your local area
“Staying connected with your friends is massively important when you’re single and doesn’t have to cost you the earth,” says Mason. “If you’re into fitness, you could join a local walking or yoga group.”Brett agrees and adds: “Even just going around to your mate’s house with a bottle of wine is great fun. Fun doesn’t have to be expensive.”
7. Batch cook meals instead of relying on takeaways
“It’s too easy to rely on takeaways when you’re cooking for one person, because cooking can seem like a lot of effort for one person. But that’s a really slippery slope, so try to avoid falling into that trap,” advises Brett. “It’s good to cook your own meals from scratch and it doesn’t have to be anything extravagant. I’m a big fan of batch cooking and freezing meals.”
8. Offer to drive
“If I’ve not got a huge amount in my bank account, I’ll always opt for driving,” says Mason. “Driving means I can still go out and see my friends and have a really good time, but I don’t need to pay for expensive drinks at the bar. Instead, I will opt for soda water and fresh lime and that doesn’t cost much – some bars don’t even charge you for it.”
