The singles tax is costing Aussies $13k

Worried about spending too much money this Valentine's Day? Well new research shows that it's single people whose wallets are being hit the hardest.

A recent study by Compare the Market has found that single people are potentially forking out upwards of $13,000 more than their coupled-up counterparts.

There are of course the obvious benefits of being able to split living costs but one of the biggest burdens is dating.

Compare the Market's Phillip Portman said costs can easily blow out as people swipe right for "the one", with the average Australian spending $154.16 on a first date.

"We all know a single person who loathes Valentine's Day and as our new research shows, singletons may actually be onto something," he said.

It would seem though that even couples have taken note of the costs of dating, with data from Moonpig revealing that 20% of Australians plan to spend less this Valentine's Day.

One in three Australians still plan to go on a date but 39% say they aren't looking to spend any money.

However, it's not just dating that eats into the costs of being single said Portman, but the rising cost of living has meant single people are felling the pinch just that little bit more.

"If the bouquets of roses and fancy chocolate weren't enough, it seems like singles are left with a higher cost of living than those in relationships."

One of those areas is when it comes to renting or owning a property, because as a single person there is no-one to divide the costs.

"Being able to divide the rent, mortgage repayment and bills can come in handy, which is why it can be cost-effective for singles to have roommates to help ease the financial burden," Portman said.

According to CoreLogic, the average cost of renting in Australia is $519 per week for a unit and $570 for a house.

A couple would only have to pay half this figure, meaning couples who live together could save upwards of $13,494 per year on rental costs alone.

That's before even adding on the costs of daily expenses like groceries, fuel costs and energy bills.

"If you're still solo, it's a great idea to consider a budget and to sniff out the best deals and plans that are available. You don't have to break up with your lifestyle but spending a bit more time focusing on your finances can leave more money in your pocket," said Portman.

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