The Cost of Living Alone – and how to beat it

Some folk choose to live alone, and have been doing it for years. For others, the situation is thrust upon them, often unexpectedly, when a partner passes on or a relationship breaks up. However you come to this living arrangement, one thing is certain: there is more financial strain on a single household than one shared with another adult. Below, you’ll find tips which have helped other sole occupants beat back the costs of living alone. We hope they work for you, too!

Council consultation

Local bodies do their best to help lower-income householders cut costs. One of the ways in which they do this is to encourage property owners to take advantage of the Government scheme to assist people on lower fixed incomes to pay their rates. Depending on individual circumstances, rates reductions through this scheme can amount to several hundred dollars a year. Although you may not have been entitled to this rebate while living with another, changed circumstances mean you may now be eligible. Contact your local council for details.

Spring clean your banking arrangements

Perhaps you’ve always left banking to your partner, and the arrangements suited a two income household. But now you are on your own, you may find you can reduce banking costs significantly by switching to a bank account offering lower or zero fees. You may no longer require a credit card, or the fees which go with it. Or you may be happy to adhere to the requirements of a card with lower or zero fees. Head to your bank to check out your banking cost-reduction options (make an appointment so you don’t have to discuss it with the teller, with a queue waiting behind you). But don’t agree to what’s offered until you’ve checked out options from other reputable banks.

Subscription clean-up

It’s so easy, especially now most subscriptions are digital, to find you are still subscribed to online magazines, movie or music sites, you seldom, if ever use. But where do you start checking them out? The easiest way is to go through your monthly bank and credit card statements, highlighting payments you’re surprised to see there. If you seldom use a subscription, ditch it! The savings soon add up.

If you are currently receiving hard copy subscriptions to a magazine or newspaper you really enjoy, consider moving to their digital edition. Digital editions are often significantly cheaper than hard copy issues delivered to your door. Alternatively, consider sharing a subscription with a friend (you can take it in turns to get first read!). Or grab a copy of your favourite magazine from your local library (put your name down to receive the latest issue as soon as it arrives). For newspapers, heading to the library to read the daily can be a cost saver, and also an outing! If you enjoy online movies, you may find it’s more economical to purchase them on a one-off basis than to have an ongoing subscription.

Tidy up your phone plan

Couples often share joint mobile phone plans. Now you are living alone, you may find it’s significantly cheaper to ditch an outdated plan, and move to a cheaper one sufficient for your needs. If you’re a digital person, head to your online account to make changes. If you’re not, the local branch of your supplier will be able to help.

Hunt out the help!

Your right to social assistance can change dramatically when you suddenly find yourself living alone. The dip in income may mean you are now eligible for the likes of a community services card, a paid gardener, or assistance with heating and insulation costs. If you don’t know where to start with checking out the wide range of information available on the subject, go to Eldernet or head to your local branch of Citizens Advice Bureau.

By reassessing your monthly outgoings, ‘tidying up’ non-essential spending, and applying for all the assistance available, you’ll be surprised by the considerable savings that can be made.