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Want to save money? Stay single!

5th June 2015

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If you want to save money then stay singles as being, as new research shows being in a relationship costs £2,340 more a year.

 

A single person spends £195 less a month on living costs than someone in a relationship, according to research by Confused.com, as people in relationships are more likely to eat out and go on weekends away.

 

Those in a relationship spend on average £1,003 a month on living costs compared to £808 for singles.

 

When it comes to household costs such as rent, mortgage and bills, those in relationships spend £538 a month compared to singles’ £421, and socialising costs those in a relationship £144 a month compared to £139 spent by singles.

 

Food costs also come at a £52 premium for those in relationships, totalling £200 a month for couples but £148 for singles.

 

More than half, 53%, of singles live along compared to just 8% of those in a relationship. Of those in a relationship, 84% say they do live with their partner, meaning they are more likely to be splitting the bills.

 

When it comes to what people spend their money on, 48% of those with a partner said they spend money on eating out, compared to 37% of singles. Just under a fifth of those in a couple say they spend money on weekends away, compared to 13% of those who are solo.

 

People with a partner are also twice as likely to spend money on a gym membership and slightly more likely to spend money on clothes.

 

However, one in seven of those in a relationship said they think they spend less money when they are coupled up. Nearly a fifth of single people said they think being single is less expensive as they don’t have to buy gifts for a partner.

 

Nerys Lewis, head of credit cards at Confused.com, said: ‘The questions of what’s better for your pocket – being single or in a relationship – is an argument that will always divide.

 

‘People who are single might feel like they are constantly paying for things themselves; conversely those in a relationship might forget how quickly those date nights and meals add up. It might surprise people to note that being in a relationship seems to cost more than being single –despite having someone to split costs with.’

 

 

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