The Surprising Ways Being Single Is Costing You Thousands Of Dollars A Year
Despite lots of young people being happy to fly solo, there is a downside to that single status: your bank account.
Almost one in four Australians are living in a single person household, according to Australian Bureau of Statistics data, and face a few cost of living pressures by being without a partner.
And while it may seem obvious that rent is twice as expensive when you've got half the occupants, price comparison website 'Compare the Market' has crunched the numbers around other hidden costs -- from travel insurance to eating out.
"It’s the unfortunate truth but everyday household expenses such as rent, utilities, insurance and even buying food or furniture becomes twice as expensive if you’re single and don’t have someone to split the costs with," spokesman Rod Attrill said.
The price comparison website pooled data from a variety of sources, including the ABS, market research company Ipsos Mori, Lonely Planet and Domain.
While we're not assuming every couple will be taking out health insurance together, it's worth pointing out singles and couples have different needs to families and single parents.
The average price of a comprehensive singles policy for hospital and extras is around $2500, compared to $4300 for a family policy, according to research conducted by Ipsos Mori in January last year.
A similar comparison, carried out by Choice Australia this year, found the cost of a couples policy is generally twice that of a singles policy. While having one policy and insurance provider might be convenient, it won't take into account individual needs, with one partner possibly needing more cover than the other.
The same applies for taking out travel insurance, which can be slightly more expensive for solo travellers.
For a two-week European summer trip, comparethemarket.com.au research found a single 35-year-old would fork out $70 for comprehensive travel insurance -- up to $18 more expensive than a couple travelling to the same destinations.
Add to that the price of a hotel room skyrocketing as a solo traveller -- from $113 per night for a mid-range room up to $324 at the top end.
Then there's the dating bit, which -- aside from the part where it flipping sucks -- adds to the financial dent.
Research by eHarmony found the average Aussie singleton spends almost $1000 each year on dates. That's about $11.64 billion each year, according to ING Direct.
Groceries and eating out
Whether you're conscious of eating in or love to splurge on a night out, single Aussies can end up paying between $80 and $280 on their grocery bills each week, according to a Future Unlimited study on living costs.
Buying in bulk is a cheaper option for families, but that isn't exactly always an option for singles.
Attril encouraged those living solo to start budgeting in these added expenses at any age.
"Being single doesn’t necessarily mean you have to break the bank but it does mean putting more consideration into what you spend day to day," he said.
Featured image: Getty