Love makes you do stupid things – financially.
There was the ex-girlfriend I almost bought a houseboat with to try and keep the relationship afloat. An ill-advised affair with a housemate where I ended up paying his rent for a while. But being single in London may be my worst financial decision of all.
While I’m currently content to continue to be somewhat feral, with my lifestyle choices now ratified by brat summer, my house deposit saving accounts (Lisa, Isa, premium bonds — I’m really trying) are not thanking me. New research from personal finance experts finder.com has revealed the full extent of London’s ‘cost of being single’ crisis.
Singles in London have an average essential spending bill (that’s your rent, groceries etc.) of £2,391, compared to a couple splitting the costs and saving on monthly necessary outgoings of £1,314. Couples can squirrel away £448 a month each, they report, whereas the average solo Londoner can only spare £178 for saving. The London rental crisis really bites when the cost of a room alone will set you back £800 or more.
“If I want to meet my true love/someone to get on that mortgage application with, I better be accepting every dinner and party invitation going.”
At first glance that seems insane, but then when I think about the cost of singledom it adds up. Not only have I never split the rent with another person or halved bills, if I’ve bought a new mattress or splurged on an airfryer it’s only me handing over my card.
I could stay in every night watching Netflix alone, but if I want to meet my true love/someone to get on that mortgage application with, I better be accepting every dinner and party invitation going. Not to mention the cost of going on dates, when it would be gauche not offer to at least split the cheque. That’s all money not going towards a deposit.
Finder.com calculated that, with the average deposit for house in London at £75,000 (assuming 15 per cent of £500,000, although that would be above the Lisa cap), a couple could save up in seven years. For a single person that’s 35 years — practically half a lifetime. And that’s without factoring in that getting a mortgage on just one salary would be beyond tough when house prices are so divorced from earnings.
This isn’t to say that the smug coupled-ups are always having a great time of it, cheers-ing each other over their giant savings pot.
There’s the pressure to commit to — and stay within — a relationship to get on the property ladder, even if the cracks are beginning to show. The stress of dividing assets if it all goes Pete Tong (especially if you bought with shared ownership or another scheme where selling up is complicated). The astounding expense of raising children in the capital.
But if any single man or woman in possession of a good fortune in want of a wife are reading — do write in. Saving alone is looking lonely.
