The Cost of Being Single

Happy new financial year! Now is about the time that you’ll probably start thinking about finances – which as a single, can sometimes be terrifying. A Suncorp report has found singles are seven times more likely to drop big dollars on entertainment and five times more likely to spend cash on personal care items than their married counterparts – which is a lot of cocktails and aftershave when you put it in those terms.

Being financially savvy is sexy. Financial instability is the third biggest deal breaker for single Australians*. A declined credit card on a first date is not the smoothest start you could hope for. Live within your means and impress your date with your financial nous.

Here are our tips for starting your new financial year on the right foot without missing out on the fun of dating!

Have a budget

A personal budget doesn’t have to be complex - you can literally write it on a piece of paper or in your iPhone notes if that works for you! There are plenty of awesome apps that help you track your spend, so find one that suits and trial it for a month. You might be surprised by the results of where your money is really going!

Carve a “dating budget” out of your overall plan

This is your money that you can spend without a worry, on any kind of date that tickles your fancy! Whether you blow $150 on one fancy dinner in the month, or spread that out over a few coffee / vino dates, know your limits and stick to it.

Rollover your savings month to month

If it’s a quiet month on the dating front, and you have leftover budget – roll those dating budget savings into the next month!

Split the bill

48% of Australian singles believe that on a first date the most popular way to settle the bill is to split it*. Don’t feel pressure to collect the bill, and always budget to pay for half of your date. If your date delightfully surprises you by picking up the tab, it’s a far better surprise than being stuck without the funds to pay for your fair share.

Consider where you’re going to find a date

39% of single Australians cite the key reason that people are going online is because they are not meeting new people and online dating offers access to people they would not otherwise meet*. Think about your dating strategy like you were house-hunting or looking for a new job. Would you spend all your money on petrol, driving around the neighbourhood to try and spot a “FOR SALE” sign, or would you go to a real estate agent or online to narrow the search? Spend your money more wisely and find quality dates online.

Dating doesn’t have to be expensive. In fact, some of the most fun dates happen when have to get a little creative in the planning department. Find some great budget date inspiration here!

*Research commissioned by RSVP and conducted by Nielsen. More than 3,300 Australians were surveyed in February 2015.

This article offers general advice only and doesn’t take into account your personal financial circumstances.

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