Yahoo Finance

New data has revealed that living on your own takes a massive toll on your finances. Single people earn less per person than their couple counterparts, but spend more on bills. It means you have to spend less on the fun things in life, and are still four times as likely to suffer from poor financial resilience.

A lot of the problem comes down to the fact that there’s nobody to split the bills with. The Hargreaves Lansdown (HL.L) Savings & Resilience Barometer found that the cost of putting a roof over their heads — rent, mortgage, council tax and fuel — uses 34% of the income of single people compared to 23% for couples.

Singles also spend 28% more per person on food — thanks to not being able to bulk buy or get through family packs before the food expires. Plus they spend 32% more on communications, including broadband and landlines as well as mobiles (32%).

Read more: How to track down lost bank accounts and pensions

In many cases single people need the same products as a couple, but shoulder the cost alone. It means fixed costs squeeze their finances every month.

As a result, they’re forced to cut back on all the nicer things in life. They spend an average of 21% less on eating out and hotel stays in the UK (despite the single supplement in hotels), 13% less on clothes and shoes and 13% less on recreation and culture.

But even after these cuts, they have less left over at the end of the month — with an average of £42 — compared to the £383 a couple has left. It means they have less money available for savings.

You should have cash to cover three to six months’ worth of essential spending in an easy access account, but 46% of single people don’t have enough, compared to just 16% of couples.

It also makes it incredibly difficult for single people to save for a property alone, especially given that they’re trying to cover the deposit solo. It means they’re less than half as likely to be on track when it comes to home ownership (18% compared to 43%). And it takes a toll over the long term too, with less than a third (31%) on track with their pension savings, compared to almost half of couples (44%).

Read more: How to negotiate house prices

What can you do?

There are a handful of things that you can do help cut costs and save money if you don't have a partner.

1. Get your council tax discount — single people get 25% off.

2. Install a water meter — if you have the same number of bedrooms as people (or more) you can save.

3. Consider including a parent as a second named driver on your car insurance.

4. Make full use of the freezer.

5. Share subscriptions with a friend.

6. Get all the help you can with buying a home — including friends and family and a Lifetime ISA, which offers a bonus of up to £1,000 a year from the government.

7. Try not to focus on what you can’t do. Do what you can afford, as soon as you can, and you’ll get there eventually.