The Real Cost Of Being Single

As if feeling left out, pity, and blind dates weren’t bad enough, a recent report has found being single is an expensive and debt-ridden lifestyle for Australia’s 6.5 million singles.

Forget ice-cream tubs for one and a DVD on the couch a la Bridget Jones, Australia’s single population is spending $113 billion a year, or $17,420 per person on entertainment, going out, groceries, weekends away and personal grooming.

Suncorp Bank’s Cost of Being Single Report shows this is $335 per week more than people sharing relationship or household expenses.

The “single season” of November, December and January are the most expensive, with increased spending on entertainment as well as the usual festive season hits to the wallet.

“We all know how expensive it can be to raise kids, but the cost of maintaining a ‘single’ lifestyle is often overlooked,” Suncorp’s regional manager Monique Reynolds said.

“Singles are seven times more likely to spend big on entertainment, including drinks and going out to pubs throughout summer compared to couples.”

Three quarters of Australian singles revealed they didn’t have a budget and didn’t think too far ahead about planning for additional costs over the summer months.

“This is of particular concern when around one in four singles already have a debt of more than $10,000.”

It also appears that the grass is always greener, with one in five singles believing their spending habits would decrease if they were in a relationship. More Gen Y females than males believe they would save more and spend less if they were off the market.

And men were more blasé than women about their current spending habits, with more men saying they give little or no consideration to the impact of their current spending habits.

So if this is sounding familiar, check out our top tips on living large for less. Because being broke and alone sucks. And while we can’t help your love life, we can put you on the right track to sort out your finances.

Image: Pernilla Rydmark, via Flickr