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Single or in a relationship – start saving this weekend

On your own or attached? Either way, you may be thinking about your money this weekend – whether you’re wining and dining your partner, or going out for drinks with your friends.

A recent survey from Confused.com revealed singletons spend less than those in a relationship. In fact, being in a relationship costs £2,340 more a year compared to being single.
 

Whether you agree with this or not, there are ways to save if you’re solo or coupled up.

Here are two simple ways to save when single, and two ways you and your partner can consider.

Two ways to save when single

 

1. Money off your council tax

Only adult in your household? Bingo! You can get 25% off your council tax bill. Find out more about council tax exemptions.

2. Keep track of your spending

Who’s responsible for what? Where should that spare twenty quid go? These are questions you should work through together as a couple. However, when you’re single, it is easier to budget for the things you want. Budgeting is a great way to save money by pinpointing those money leaks and finding out where you can get those extra pennies.  

 

Two ways to save when in a couple

 

1. Split bills and household costs

If you live with your partner, it can make it easier to split the costs of running a household.  If you go down this route, a joint account can be convenient. However, you should be aware that having a both your names on a bill, account or loancan affect your credit rating. With any decisions on joint ventures, remember honesty is key for a harmonious relationship – both with your money and your partner.

 

2. Save together for the big things

A lot of things these days can be expensive, such as getting a house or a car. If you’re saving with someone else towards a house deposit, for example, it can happen faster. What would you and your partner like to save up for? Both of you putting money aside also means your money goes further to spend elsewhere.

Do you have any thoughts of your own on how to save?

What do you think?

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  • Steve Carter / 12 March 2016

    What a useless article. The second piece of advice for singletons is actually for couples, and the first item on saving in a couple doesn't save anything at all.

  • Sergei / 10 March 2016

    A better mindset is to focus on how to make more no why rather than saving. Sounds obvious.. but I know so many people who are preoccupied with "how to save" instead of thinking about their education/career/business

  • Rob / 4 February 2016

    I imagine that data is more than a little deceptive- I would hazard a guess that the primary factors that have not been scrubbed from it are:

    1)Age: younger people are more likely to be living as singles.

    2)Socio-economic background: people in couples, especially married couples, are more likely to earn more. So while they might be spending more, they are still spending a lower % of their income.

  • Michael / 28 October 2015

    Stop breathing, and then you won't spend one penny.

  • SayNo2Socks / 26 October 2015

    The stats look a bit dodgy to me. Single people (must you refer to them as "singletons?") only save 25% on their council tax bill, where as couples save 50% on all household bills, mortgage, rent, etc. Supermarket shopping is also cheaper as you can take advantage of the "family packs" or buy one-get one free offers on food knowing that with two people, all of the food can be consumed before it goes stale, and you're not forced to eat a dozen bananas in three days. Couples also save money on holidays, as they don't have to pay the single person supplement. And couples are not stigmatised by society for being lonely, desperate, something wrong with them, etc. Finally, saving up for a mortgage deposit as a single person is almost impossible. At least with couples you have half a chance of doing it.

  • Stella Gomer / 6 June 2015

    Put loose change in a large pot. Over months it will turn into £20 or more
    Spend a lot of time reading different banks/building society interest on savings.
    Look out for the "whoops" bargains at supermarkets, Asda did it first.
    Look out for Subway and Mcdonald's discount vouchers - on line, in the local paper etc.
    Shop late at shops, supermarkets, veg markets, particularly Saturday for good discounts.
    Do one big weekly shop, rather than popping in several times a week: you spend more.
    Drink before you go out to the pub, spend less in the pub.
    Always buy alcohol on offer when offer in the shops.
    Don't be proud, for the discering shopper that are some really good clothes in the charity shops.
    Take out cash at the start of the week, then you won't chip and pin and be more aware of the frittering.
    Seek out cheaper dry cleaners/shoe menders/restaurants etc.