Lifestyle

Being single in Ipswich will hurt the hip pocket

Suncorp Bank's Cost of Being Single Report has lifted the lid on the spending habits of Ipswich's single population.
Suncorp Bank's Cost of Being Single Report has lifted the lid on the spending habits of Ipswich's single population.

THERE may be less responsibilities but being single is expensive business.

Suncorp Bank's Cost of Being Single Report has lifted the lid on the spending habits of Ipswich's single population who spend $17,420 individually on weekends away, dining out, entertainment, groceries and personal grooming.

The Cost of Being Single Report, the latest in the bank's Cost of Living Series, found the months of November, December and January, dubbed the single season, as the most expensive for Australia's 6.5 million singles, with increased spending on entertainment, dining out and weekends away on top of the usual festive season budget pressures.

MAKING HEADLINES TODAY...

Pet cat Mufasa is main suspect in stuffed toys mystery

30-year-old in jail again after facing court for the 72nd time

Suncorp Bank Regional Manager for Brisbane, Dan Dredge, said the single season spending period started with the launch of the Spring Racing Season and lasted until Valentine's Day.

"We all know how expensive it can be to raise kids, but the cost of maintaining a 'single' lifestyle is often overlooked," Mr Dredge said.

"Australians who are married with families or in relationships tend to stay home or go out for one special occasion, whereas singles are out and about at least twice a week or more and these costs are adding up.

"As a nation Australia's singles spend $113 billion a year and Brisbane's singles are five times more likely to spend money on personal items, including hair and beauty products and massages, compared to married couples with kids."

MAKING HEADLINES TODAY...

Debt collectors to recover $20m in upaid fines: Nicholls

Decision to keep Swanbank open is about asset sales: Union

Three quarters of Australian singles without children revealed they didn't have a budget and gave little thought to planning ahead for the additional costs over summer.

"Singles are seven times more likely to spend big on entertainment, including drinks and going out to pubs throughout summer, compared to couples," Mr Dredge said.

"This is of particular concern when around one in four singles already have a debt of more than $10 000."

The report also revealed one in five singles surveyed believed their spending habits would decrease if they were in a relationship, with more Generation Y females than males believing they would save more and spend less if they were in a relationship.

MAKING HEADLINES TODAY...

Ex-Ipswich schoolboy Auva'a set for NRL decider

Registration stickers scrapped from today

 

Key findings:

  • Singles who believed they would save money if they were in a relationship said they would save most on living expenses (48 per cent) and entertainment expenses (20 per cent).
  • One in four single Australians has a debt of more than $10,000.
  • The majority of Australia's singles without kids live alone (40 per cent), or with their parents (27 per cent).
  • People who are married or in a relationship think about saving more than singles, 51 per cent said they often thought about the need to save.
  • Men were generally more blasé than women about the impact of their current spending with more men saying they gave little or no consideration to the impact of their current spending habits.
  • December was voted the most expensive month of the year and summer as the wining and dining season.

 

Top three spending tips for the singles season:

  • 1. A realistic budget is key carefully work out how much you can afford to spend and then stick to it. Stay in control and don't be tempted to have a summer splurge and spend beyond your means.
  • 2. Summer savings are made in winter - take advantage of hibernating in the cooler months by heating up your savings account. Take advantage of high interest online savings accounts that allow you to make your money work harder for you while still having full access in case of an emergency.
  • 3. Plastic's not always fantastic - Leave the credit card at home and pay cash or use your debit card wherever possible to avoid starting the New Year with a credit card hangover.

Topics:  suncorp bank



COMMENT: OPs not the be all and end all

There's many ways to get around an OP score

Five things to do in Ipswich this weekend

Kyle Breese as John Wilkes Booth and Alex Andujar as Charles Giteau will be in the Assasins theatre show.

Check out what's on around the region

Dinosaurs, unicorns and fairies coming to Ipswich park

The augmented reality event will transform the Collingwood Park venue from 4 March to 20 March.

Interactive, augmented reality event for Goupong Park

Local Partners

Living End, Grinspoon stars hit stage for American Idiot

GET a sneak peek at Green Day's American Idiot The Musical as we go behind the scenes to meet the stars at a QPAC rehearsal.

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

Your guide to a great night out in Ipswich

Airlie Beach Festival of Music 2016 / Andrew Pattinson / Vampp Photography

Check out the city's live music scene here

WARNING: 'Sardine city' is on Ipswich's horizon

CONCERNED: The implications of the State's move to denser housing developments has Cr David Pahlke up in arms.

But Antoniolli says council can manage State's denser housing edict

Grand re-launch for new Nolan's Corner

GRAND PARTY: Wayne Kemp and Angela Love from Poison Arrow, Eliza Woodruffe from Limestone Emporium, Tess Claris from Voice Hair and Beauty and Kim Schubel from Schudio will all be at the grand launch party.

A feat worth celebrating

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

The suburb where house, land prices are spiking

ON THE RISE: 13 Kallatina Terrace, Karalee will go to auction on March 31. Karalee house prices went up 9.9% in the past year.

"It has good hospitals, universities and schools."

$1b Springfield development deadline brought forward

Aveo's Springfield development is running ahead of schedule.

The majority of interest has come from local buyers

Ready to SELL your property?

Post Your Ad Here!