Single and feeling the cost of living crunch? Here’s how to save money

Both Benjamin and Brady both say that calling your utility providers – internet, mortgage, electricity or gas – to negotiate a better rate is an undervalued but often successful way to reduce essential costs.

When it comes to groceries, meal planning is often the first thing people suggest to save money, but if you’re single, eating the same meal five days in a row can be boring. Benjamin suggests a “soup swap”, where each person in your group cooks a different dish, then does an exchange (of course, this can be done with any type of food). She also suggests having meat-free days, learning how to store food properly so it lasts longer, and shopping online to avoid impulse purchases.

Once you’ve mapped out your key expenses, it’s time to look at what’s left over. Work out what your financial goal (or goals) is, and put a portion of your paycheck towards this every time. This can be hard if your single, says Benjamin, since you’re the only one keeping yourself accountable.

Banks says having a clear goal is key. “Once I have a figure in my head, I get obsessive over it. Would I rather see an extra $100 in my bank account, or spend $100 on a new pair of sneakers?”

“Write it down, set it as your phone background. Keep your goal front of mind and it’s amazing how you will get turned off making unnecessary purchases.”

Finally, the fun part – spending that remaining bit of money. For many singles, especially those living alone, this means socialising. But this can be expensive.

Brady says it’s all about being open with friends about your financial situation. “When we leave uni and start working, there can be a societal expectation that everyone has their money sorted. But there’s an enormous amount of invisible financial stress that is impacting almost everyone.”

She encourages people to share their savings goal with friends, and suggest cheaper alternatives to going out, like a roster of who cooks dinner within a friendship group each week.

”My clients who got themselves out of debt, the main predictor of whether they could or not was whether they were prepared to have honest conversations with their friends and families about the realities of their money,” she says.

Brady also recommends “spreading economies of scale” by sharing items with friends. For Mardi Gras, she borrowed an outfit from a friend, and another friend recently loaned a car for a weekend away. Gumtree and Facebook Marketplace are also handy, as well as “libraries” that loan everything from lawnmowers to board games (In Sydney, there’s The Sydney Library of Things, and in Melbourne, The Sharing Shed).

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If you’re dating, a similar open approach to money also applies.

Banks has recently begun seeing someone who is in a similar financial position. She said they had conversations early on and will cook at home when money is tight. “I’ve been in relationships where one person is a spender, and one is a saver, which is so stressful.”

“One of the main things couples fight about is money – so why wouldn’t you be open from the beginning?“

Benjamin suggests non-expensive dates that aren’t stingy, such as long walks, visiting galleries or looking for happy hours in your local area. She stresses that your investment should be your time, rather than your money, especially if you find that you don’t want to see the person again.

“If you’re single, and you want to date, you have to budget,” says Benjamin. “People should respect you being upfront.”

Brady agrees. “A good person you’re trying to spend time with will be open to listening to your plans. If you don’t tell them, you’re accidentally sabotaging yourself. I don’t think this sets up a relationship well.”

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