How To Save Money And Make The Most Of Discounts When You're Single

Covering Bills Is Harder When You're On Your Own, But There Are Ways To Lessen The Load

- 

LIFE often costs more when you’re single, making rises in bills even tougher to absorb.

Some 8.3 million people across the UK were living on their own in 2022, according to Office for National Statistics figures. Women made up more than half of the total (4.4million), with 3.9million men living alone.

A recently released Family Resources Survey from the ONS also found that, in the financial year 2022-23, among single working-age adults with no children, nearly a third (32 percent) of men and 27 percent of women had no savings or investments.

Lone parents were also more likely to have less than £1500 in savings, with 45 percent reporting this amount put aside, while 36 percent had no emergency fund at all.

Shona Lowe, financial planning expert at Abrdn, says it’s no surprise the extra costs are sometimes dubbed the “singles tax”. Here, Shona shares some tips to help make some savings:

1. Keep tabs on your money

Shona suggested putting some time aside each month to check your bank statements.

“The main source of income for many will be their employment, but it could also include refunds and payments from friends where you picked up the bill,” said Shona.

“Making sure everything is there that should be is the foundation for the rest of your financial decision-making.”

When looking at regular payments, like subscriptions, make sure you understand how often they come out, whether it's monthly, quarterly or annually.

"Understand what expenditure is essential for you and what is optional,” said Shona.